JAB, the Luxembourg investment company backed by the billionaire Reimann family, agreed to buy United Kingdom -based Pret from private equity firm Bridgepoint Advisers Ltd., the parties said in a statement Tuesday, without disclosing terms.
Bridgepoint will make a lucrative profit on the sale, which is expected to complete later this summer, having bought the chain for £350m in 2008.
To view the full article, register now. The conglomerate became the world's largest coffee company in 2015, owning brands such as Jacobs, Senseo, Tassimo and Keurig Green Mountain. Clive Schlee, Pret's CEO, said it had a ninth straight year of rising like-for-like sales in 2017.
Pret a Manger operates 530 stores worldwide, 381 in Britain, 92 in the US, 24 in France, among other locations, and has yearly revenue of $1.163 billion.
"The £1,000 bonus shall be paid to all workers who're on the payroll throughout the week the deal completes", he mentioned.
The deal comes after Bridgepoint had been considering an initial public offering for Pret A Manger, according to Bloomberg.
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Travers Smith and Freshfields Bruckhaus Deringer have won lead roles on the sale of Pret a Manger to German investment group JAB Holdings for a reported £1.5bn.
"We're very excited to associate with Pret and its gifted group to proceed their extraordinary development story", JAB CEO Olivier Goudet mentioned in an announcement.
Pret a Manger has room for growth - it's opening in Berlin later this year, and has only two outlets in China and two in Dubai.
JAB is also behind Krispy Kreme donuts, Kenco coffee and Dr Pepper. JAB believes in Pret's values and supports our growth plans. It also owns a controlling stake in luxury goods company Bally and has a minority holding in consumer goods maker Reckitt Benckiser Plc.
It booked revenues of £879 million a year ago.
"This has been a successful investment for Bridgepoint and illustrates how private equity, investing for the long-term and working with talented management can deliver strong growth for the benefit of all stakeholders: customers, employees and suppliers and create real value for the wider economy".