ST. LOUIS — Panera Bread Co. has acquired a 50.01% stake in Tatte Bakery & Café, said Mike Bufano, Panera’s chief financial officer, in a Feb. 10 earnings call. Tatte, a five-store urban craft bakery in the Boston area, offers breakfast and lunch, he said.
|Mike Bufano, c.f.o. of Panera|
“The concept appeals to high-end customers,” Mr. Bufano said. “In fact, their pastries and other confections were featured on Oprah’s ‘favorite things’ list. We view Tatte as a wonderful brand with significant growth potential in residential urban and upscale suburban markets.”
St. Louis-based Panera Bread Co. made the transaction in the fourth quarter of 2015 and has options to acquire a greater stake in the future, he said. Tatte Bakery & Café will continue to operate as an independent company with support from Panera as appropriate, Mr. Bufano said.Tzurit Or, a pastry chef and native of Israel, started Tatte Bakery & Café out of her home kitchen in 2007. She originally sold her products at farmers’ markets in Boston and then expanded to a brick-and-mortar bakery in Brookline, Mass. Three shops now are open in Cambridge, Mass., while one is in Brookline and one is in Boston.