In a bid to expand its food empire, Luxembourg-based holding company JAB acquired the UK foodservice chain, Pret A Manger, from private equity owner Bridgepoint and minority shareholders, according to a report from CNNMoney. Already the owners of Panera Bread, Krispy Kreme, and Kuerig, JAB will continue its expansion in the restaurant business with this addition. Pret A Manger, which is French for “ready-to-eat” sells healthier options for on-the-go consumers, including sandwiches, salads, and coffee.
"We're very excited to partner with Pret and its talented team to continue their extraordinary growth story," Olivier Goudet, JAB’s Chief Executive Officer, said in a statement.
Pret A Manger CEO Clive Schlee added that the company's 12,000 workers would each receive a bonus of $1,325 (£1,000) as a result of the sale.
"The £1,000 bonus will be paid to all employees who are on the payroll during the week the deal completes," Schlee stated. "It's serendipity for those who have just joined."
Pret’s 530 stores—operating mainly in the UK, with outlets in the US, France, and China—generated sales of $1.2 billion (£879 million) in 2017.
According to CNNMoney, JAB, and Bridgeport said they expect the transaction to close this summer. Though financial terms of the deal were not officially disclosed, The Financial Times reported Pret A Manger's purchase price to be £1.5 billion—just under $2 billion dollars.
Will Pret A Manger be another JAB success story? Deli Market News will continue to report the latest.
