JAB to acquire Greenlight Capital-backed Einstein Noah for about $374 mln

JAB Holdings, a consumer-focused investment firm, has agreed to buy bagel maker Einstein Noah Restaurant Group for $20.25 per share in cash or about $374 million.

Hedge fund Greenlight Capital, which is Einstein Noah’s largest stockholder, is expected to exit its stake with this deal. Einstein Noah will also be going private as a result.

Chicago-based merchant bank BDT Capital Partners is a minority investor in this transaction alongside JAB. Also, BDT & Company and Citigroup Global Markets provided financial advice to JAB while Stifel is serving as financial advisor to Einstein Noah Restaurant Group.

Following the closing of the deal, Einstein Noah Restaurant Group will maintain its headquarters in Lakewood, Colorado. Michael Tattersfield, CEO of Caribou Coffee Company, which is also backed by JAB, has been named chairman of Einstein Noah’s board.

Einstein Noah Restaurant Group’s shops include Einstein Brothers Bagels, Noah’s New York Bagels and Manhattan Bagel.

Among JAB’s portfolio companies are Coty, Peet’s Coffee & Tea, D.E Master Blenders and Jimmy Choo.

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