Manna Development buys 38 Panera Bread cafes

Manna Development Group said May 15 that it has acquired 38 Panera Bread cafés in Colorado. Financial terms weren’t announced. CapitalSpring led the acquisition financing and recap, while Owl Rock Capital served as a co-lender. Paul Saber and Patrick Rodgers started Manna Development in 2003. With the acquisition, Manna will own over 130 Panera Bread cafes across seven state. Trinity Capital LLC provided financial advice to Manna, while Snell & Wilmer LLP served as legal advisor. CapitalSpring was represented by Chapman & Cutler LLP.


ENCINITAS, CA and NEW YORK, NY – May 15, 2018 – Manna Development Group (“Manna”) announced
today that it has acquired 38 Panera Bread cafés in Colorado, expanding Manna’s operating footprint to
over 130 Panera Bread cafés across 7 states. CapitalSpring, a leading private investment firm focused
exclusively on the branded restaurant industry, structured and led the acquisition financing and
recapitalization. Owl Rock Capital served as co‐lender and lead arranger.
Manna has grown continually from its inception in 2003 when Paul Saber and Patrick Rogers opened their
first Panera café in San Diego. Through aggressive new store development and the successful integration
of 6 additional acquisitions, Manna has grown to become one of the largest Panera Bread franchisees.
Manna’s mission statement is built on the Golden Rule, to treat others as we ourselves would want to be
treated, and a heart of service and a desire for excellence, all deeply rooted in everything Manna does.
“Paul and Patrick have built an amazing culture and tremendous operational discipline throughout their
organization,” said Chad Spaulding, a Managing Director at CapitalSpring, and “we are thrilled with the
opportunity to invest in one of the best franchise operators in an industry‐leading fast casual restaurant
brand.” Jason Ruiz, a Vice President at CapitalSpring, added “We have grown to admire and respect the
entire leadership team and look forward to supporting Manna’s continued expansion.”
“CapitalSpring delivered a unique financing solution that allowed us to achieve our strategic goals, while
maintaining ownership and control of our company,” said Paul Saber, President & CEO of Manna. “We
have enjoyed building our relationship with CapitalSpring in recent years and have been impressed not
only by their ability to deliver on promises, but also their tremendous restaurant perspective and
resources. We look forward to a long relationship with CapitalSpring and appreciate their support to
Trinity Capital LLC served as financial advisor, and Snell & Wilmer LLP served as legal advisor to Manna in
connection with the transaction. CapitalSpring was represented by Chapman & Cutler LLP.
About CapitalSpring
Founded in 2005, CapitalSpring is a private investment firm focused exclusively on the restaurant industry.
The Firm currently manages assets of approximately $1.3 billion and has completed investments in over
50 different restaurant brands and more than 4,000 restaurant locations. CapitalSpring focuses on
supporting proven restaurant operators with a range of structured credit and private equity solutions and
has offices in Nashville, Los Angeles, Atlanta, and New York. For more information about CapitalSpring,
please visit
About Owl Rock Capital
Owl Rock Capital is a direct lending platform focused on middle‐market businesses across a variety of
industries. Partnering with financial sponsors and private companies, Owl Rock Capital can lead or anchor
highly customized financings. Formed in 2016, Owl Rock Capital has raised $5.5 billion of equity
commitments to date and currently has $6.2 billion in assets under management. Owl Rock Capital is
based in New York City. For more information, please go to
CapitalSpring Media