Panera Bread’s former chair and CEO Ron Shaich has added another fast-casual brand to his investment portfolio. Only this one is in Europe.
Shaich’s Act III Holdings LLC on Monday announced a strategic investment in Honest Greens Barcelona S.A., a 30-unit chain with locations across Spain and Portugal.
Terms were not disclosed, but Act III will provide capital and expertise to speed Honest Green’s expansion across Europe and the United Kingdom, the company said.
Honest Greens officials said they have no immediate intention to bring the brand to the U.S. But the Barcelona-based company reportedly sued a restaurant in Myrtle Beach, South Carolina, with the same name. In the lawsuit, filed in December, Honest Greens Barcelona argued that it has registered its trademark worldwide and has plans to come to the U.S.
Described as a leader in the better-for-you food movement, Honest Greens was co-founded in 2017 by Christopher Fuchs, Rasmus B., and Ben Bensoussan, who said in a statement the investment marks a significant milestone as the chain looks to expand its footprint and enhance operations.
“With Act III’s capital and support, we will amplify our impact, bring Honest Greens to even more countries, and redefine what it means to eat well,” the founders said.
On the menu are vegetable-rich offerings that are organic, where possible, with ingredients that are unprocessed, free of artificial preservatives, additives or refined sugars, according to the company’s website.
Shaich said in a statement that Honest Greens “represents the future of dining: The food is delicious, appeals to the health-focused consumer, and is deeply connected to its communities."
He also sees potential in the way Honest Greens has mastered a very complex supply chain and operation, enabled by proprietary technology, to produce chef-quality fare, he added.
Shaich, of course, is known for acquiring and growing Panera Bread before selling the bakery-café chain in 2017 for $7.5 billion. Act III later invested in the growing Mediterranean chain Cava, which went public last year and where Shaich is now chairman of the board. Act III is also growing the fast-casual concepts Tatte and Life Alive, as well as an eatertainment concept called Level99.
UPDATE: This article has been updated to include new information from Honest Greens.
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