Pret A Manger to be sold to JAB
The transaction is expected to be completed this summer although the terms have not been disclosed.
Having opened its first shop in London in 1986, Pret operates 530 stores worldwide and generates group revenues of £879 million. With a strong presence in the UK, the chain also has stores in the US, Hong Kong/China and France. Its sandwiches, salads and wraps are made freshly each day in shop kitchens.
Clive Schlee, chief executive of Pret A Manger, said: “Bridgepoint have been wonderful owners of the business for more than a decade. All of us at Pret believe JAB will be excellent long-term strategic owners.
“I am also pleased to say that 2017 was another year of solid results for Pret, and we achieved our ninth consecutive year of like-for-like sales growth. The brand continues to thrive around the world thanks to our simple recipe of freshly prepared food, served by genuinely engaged teams.”
JAB is acquiring its stake in Pret through the investment vehicle of JAB Consumer Fund and JAB Holding Company.
Olivier Goudet, JAB partner and chief executive, added: “We’re very excited to partner with Pret and its talented team to continue their extraordinary growth story.”
JAB Holding Company and JAB Consumer Fund have controlling stakes in Keurig Green Mountain, Jacobs Douwe Egberts, Panera Bread, Peet's Coffee & Tea, Caribou Coffee Company, Einstein Noah Restaurant Group, Krispy Kreme Doughnuts, and Espresso House.
In addition, JAB Holding Company is the largest shareholder in beauty brand Coty and also owns a controlling stake in luxury goods company Bally.
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