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Panera Bread’s founder and former chief executive officer Ron Shaich is now a billionaire, according to the Bloomberg Billionaires Index.
Shaich’s coffers bring his wealth status to roughly $1.6 billion, largely due to his stake in Mediterranean fast dining chain Cava Grill, in which he is the lead investor.
As a managing partner at investment firm Act 3 Holdings Shaich has seen substantial gains. That’s in part due to Cava’s stock, which has ballooned by 330% since it went public in June of last year.
Cava’s estimated market capitalization is about $10.8 billion. The chain has an estimated 349 locations and has been around for only 18 years. That suggests that each restaurant is worth about $33 million, Bloomberg reported.
Shaich, who spent roughly two decades at Panera before selling it for $7.5 billion in 2017, is also a large shareholder in other bakery and food companies, including Tatte, Life Alive, and Level99.