Pret A Manger Sold to JAB for £1.5Bn
The London-headquartered coffee and sandwich shop chain is being sold to German conglomerate JAB, the company that owns the Krispy Kreme brand, for £1.5bn.
After opening its first store in London in 1986, Pret maintains a strong presence in the UK and boasts a rapidly growing international footprint with a presence in the United States, Hong Kong/China and France.
The chain, which now operates 530 stores worldwide and generates revenues of £879 million. was purchased by Bridgepoint Capital in 2008 for around £350m.
The transaction is expected to be completed during Summer 2018, although terms have not been disclosed at this time.
Clive Schlee, CEO of Pret A Manger, said of the deal:
“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.”
Olivier Goudet, JAB CEO, 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.”
William Jackson, chairman of Pret and managing partner of Bridgepoint, added:
“Pret has a unique culture and is a great British success story. We’re proud of what we’ve achieved over the last 10 years with Pret and its management team.
“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.
“I wish Pret and its team continued success for the future.”