Pret A Manger sold to private equity firm JAB

Pret A Manger sold to private equity firm JAB

Clive Schlee, the Pret A Manger chief executive, said on Tuesday that all staff, from baristas to head office employees, would receive a £1,000 windfall once the deal was finalised.

Chairman of Pret and managing partner of Bridgepoint William Jackson added: "Pret has a unique culture and is a great British success story".

JAB Holdings is one of those companies, though Nestle still holds top spot in the coffee market.

Pret A Manger opened in London in 1986, and as well as its strong presence on the UK High Street has expanded into the US, Hong Kong, China and France.

It booked revenues of £879 million past year. While a range of factors are contributing to a hard trading environment, companies have leveraged strong brands and aligned business models with consumer trends, resulting in remarkable growth.

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Pret A Manger made sales worth £776.2m (€890.4m) in 2016, an increase of 15pc on the previous year, with like-for-like sales increasing 4.8pc. Pret's fresh, healthy menu serves more than 300,000 customers every day. JAB could leverage its coffee expertise to drive growth.

Bridgepoint Capital has agreed to sell Pret A Manger to the German investor that owns Krispy Kreme donuts and Douwe Egberts coffee in a deal said to value the sandwich chain at more than £1.5bn.

JAB, run by Peter Harf, Bart Becht, and Olivier Goudet, is the largest shareholder in beauty company Coty Inc.

JAB is paying approximately $2 billion to private equity firm Bridgepoint, according to the Financial Times. The chain now generates about 1 billion euro in turnover.

JAB, which also owns Krispy Kreme doughnuts and Dr Pepper, is being advised by Freshfields, where corporate partner Chris Mort is at the helm of a team that also includes Alex Potter and Patrick Ko. It has a focus on the consumer, media, technology and business services sectors and in particular on companies utilising digital technologies to achieve transformational growth in their end-markets.

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