Danny Meyer is joining the team at Panera Brands, which includes Panera Bread, Caribou Coffee and Einstein Bros. Bagels.

USHG Acquisition Corp., known as HUGS and sponsored by an affiliate of Meyer's-backed Union Square Hospitality Group, has signed an agreement to make HUGS a partner with Panera Brands after the company completes its planned initial public offering.

"Under CEO Niren Chaudhary's leadership, Panera Brands embodies values consistent with HUGS and our Enlightened Hospitality roots, demonstrating that shareholder success is dependent on and driven by an employee-first stakeholder culture," Meyer said in a company press release. "Panera Brands meets our investment criteria to combine with a purpose-driven business that is scalable and built for the long-term; a market leader whose greatest strength is its talent and heart; a company where people love to work and with which customers, suppliers and partners love doing business."

HUGS shareholders will become direct shareholders in Panera Brands, alongside current and future shareholders of Panera Brands after the Panera Brands IPO. JAB, which is Panera Brands' primary shareholder, has agreed to make a dollar-for-dollar investment in shares of Panera common stock in an amount equal to the amount of any redemptions of HUGS shares.

Meyer will become the lead independent director of Panera Brands' board following the completion of the IPO.

"We've long admired Danny's work as he built some of today's most beloved brands with a relentless focus on hospitality and culture," Chaudhary said in the release. "The values of Panera Brands, which are based on a belief that we can be force multipliers for good, creating a positive impact on our communities and the planet, are values shared with Union Square Hospitality Group. We look forward to partnering to capitalize on the global growth opportunity for our brands."

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