July 01, 2021: -On Wednesday, Ampex Brands, which operates above 400 Pizza Hut, KFC, Taco Bell, Long John Silver’s, and 7-Eleven locations in the whole U.S., announced that it bought the bakery-cafe chain Au Bon Pain.

“Our brands performed extraordinarily well throughout the pandemic as guests moved to the drive-thru,” Ampex CEO Tabbassum Mumtaz said in a statement. “That performance allowed us to diversify and go on a great opportunity to reposition a legacy brand. As a result, the bakery café category will rebound, and Au Bon Pain is well-positioned to grow.”

The acquisition was finalized on Tuesday. The deal’s financial terms were not disclosed, but Ampex gains control of Au Bon Pain’s 171 locations, which will go higher the revenue of the company by about 10% each year. It has also got some franchising rights for an additional 131 restaurants.

As Ampex wants to revive Au Bon Pain’s business and expand its footprint, it has hired several experienced restaurant executives to lead the transformation. Ericka Garza, the recent brand president, most recently served as a senior franchise growth leader for Pizza Hut of Yum Brand.

Ampex bought the bakery-cafe chain from ABP Corp., which is a subsidiary of Panera Bread. The sandwich chain bought Au Bon Pain in the year 2017, shortly after JAB Holding took Panera private.

The deal was a reunion for both. Restaurant entrepreneur Ron Schaich merged his cookie store with Au Bon Pain in the year 1980s and later bought the Saint Louis Bread Company, now known as Panera Bread, the next decade. He sold off Au Bon Pain before the new millennium shortly.

Under JAB’s ownership, many Au Bon Pain locations were converted into Panera restaurants, shrinking its footprint from roughly 300 places to 171.

JAB is spinning off other parts of its portfolio as well. Doughnut maker Krispy Kreme has filed to go public again, seeking to raise $640 million through an initial public offering. JAB took the company private in 2016. New York Times’ Dealbook recently reported that JAB completed an $800 million refinancing deal for Panera Bread recently, clearing the way for the sandwich chain to return to the public market.