38 Colorado Panera Bread locations bought by California company

A California company said it's buying 38 Panera Bread restaurant locations in Colorado.

Financial terms of the deal weren't disclosed.

Manna Development Group of Encinitas, California, is now one of the Panera Bread's largest franchisees, owning 130 restaurants in seven states.

CapitalSpring, a private investment firm, structured and led the acquisition financing and recapitalization, according to a statement.

Manna Development Group said it was started in San Diego in 2003 by Paul Saber and…

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