---
title: "Manna Development Group Completes Acquisition of 38 Cafés to Become One of Panera Bread’s Largest Franchisees"
url: https://burnaze.com/article/e861908a-e95f-4248-a725-63cc548d3913
source: "1851 Franchise"
original_url: https://1851franchise.com/capitalspring/manna-development-group-completes-acquisition-of-38-cafes-to-become-one-of-panera-breads-largest-franchisees-2710066
category: "Bakery & breakfast"
industry: "Restaurants"
segment: "Bakery & breakfast"
topics: ["Development & multi-unit","Finance & M&A"]
published: 2021-03-16T22:17:12.000Z
modified: 2026-11-01T02:26:05.274Z
image: https://newimage.1851franchise.com/cdn-cgi/image/quality=85,format=webp,width=1280,height=720/story/featureImage/aaccc65a7048cec9586ecdf218ea52336132.jpg
---

# Manna Development Group Completes Acquisition of 38 Cafés to Become One of Panera Bread’s Largest Franchisees

**TL;DR:** Manna Development Group has acquired 38 Panera Bread cafés in Colorado, expanding its operating footprint to over 130 locations across 7 states. The acquisition was financed and recapitalized by CapitalSpring, a private investment firm.

*originally published in 1851 Franchise on 2021-03-16. [Read the original](https://1851franchise.com/capitalspring/manna-development-group-completes-acquisition-of-38-cafes-to-become-one-of-panera-breads-largest-franchisees-2710066).*

## Story

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 date.”

Trinity Capital LLC served as financial advisor, and Snell & Wilmer L.L.P. served as legal advisor to Manna in connection with the transaction. CapitalSpring was represented by Chapman & Cutler L.L.P.

## Entities

- 1851 Franchise (publication)
- Restaurants (sector)
- unit expansion (topic)
- private equity (topic)
- franchisee (topic)
- Panera Bread (company)
- Capital Spring (investor)
- acquisition financing (topic)

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Originally reported by 1851 Franchise (https://1851franchise.com/capitalspring/manna-development-group-completes-acquisition-of-38-cafes-to-become-one-of-panera-breads-largest-franchisees-2710066). Summarized by Burnaze (https://burnaze.com/article/e861908a-e95f-4248-a725-63cc548d3913).