Panera Bread’s founder and former chief executive officer Ron Shaich is now a billionaire, according to the Bloomberg Billionaires Index.
Ron Shaich's net worth has been boosted by his stake in Mediterranean dining chain Cava
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.
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