JAB Holdings, the owner of Keurig Green Mountain and Krispy Kreme, has agreed a £1.5 billion deal with Bridgepoint to acquire UK-based sandwich shop chain Pret A Manger.
Pret A Manger operates 530 stores worldwide, including the UK, the US, Hong Kong, China and France, generating revenues of £879 million.
The acquisition adds to JAB’s growing portfolio of food and beverage companies, following the acquisition of Dr Pepper Snapple by JAB’s subsidiary Keurig Green Mountain in January 2018 and the $1.35 billion purchase of Krispy Kreme last year.
JAB says that the transaction is expected to close in Summer 2018.
Bridgepoint initially acquired Pret A Manger a decade ago for £364 million, and initially considered floating the chain on the New York Stock exchange before agreeing to the sale.
Olivier Goudet, CEO of JAB Holdings said: “We’re very excited to partner with Pret and its talented team to continue their extraordinary growth story.
“Management’s proven track record and commitment to customer service, investment in innovation and approach to freshly prepared food position Pret well as it capitalises on evolving consumer taste and lifestyle preferences.
“We look forward to working with Clive Schlee and his management team, while promoting the Pret brand and supporting Pret’s impressive culture for the next phase in the company’s growth with JAB.”
Clive Schlee, CEO of Pret A Manger, commented: “This is a day of celebration at Pret. This agreement recognises the hard work of all our amazing teams around the world.
“Bridgepoint has 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.
“JAB believes in Pret’s values and supports our growth plans. I am really looking forward to this next chapter of Pret’s story.
“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.”
© FoodBev Media Ltd 2020
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