New York private-equity firm LNK Partners will buy a majority stake in Au Bon Pain in a recapitalization deal that will inject $100 million into the Boston bakery cafe chain to aid its expansion.
A PNC Mezzanine Capital-led investor group, which partnered with Au Bon Pain management in 2005 to buy a 75% stake in the company from Compass Group Plc, is cashing out. Management will retain a ’substantial’ stake, Au Bon Pain president and CEO Sue Morelli said, while Compass will remain a minority owner.
LNK is led by Henry Nasella, the former Star Markets chairman and CEO from 1994 to 1998 who negotiated its sale to Sainsbury Plc. He also was president and chief operating officer of Framingham-based Staples Inc. for 6 years.
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