Pret A Manger has been sold to investment firm JAB in a deal estimated to be worth £1.5 billion, it was announced this morning.
JAB will acquire the British sandwich chain from Bridgepoint, with the transaction set to be completed during the summer. The new owner is well-versed in the grab-and-go food market due to its controlling stakes in North American firms JDE, Panera, Caribou Coffee, Einstein Noah Restaurant Group and Krispy Kreme Doughnuts.
Pret runs nearly 400 shops in the UK and boasts a rapidly growing international footprint with a presence in the US, China and France. Its sandwiches, salads and wraps are freshly made each day in shop kitchens.
Clive Schlee, CEO of Pret A Manger, said: “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.”
Pret is one of the UK restaurant industry’s biggest success stories. It made sales of £879m last year and has now achieved nine consecutive year of like‐for‐like sales growth.
Olivier Goudet, partner and CEO of JAB, 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.”
JAB is acquiring its stake in Pret through an investment vehicle of JAB Consumer Fund and JAB Holding Company. Terms of the transactions were not disclosed but press reports suggest the deal is worth £1.5 billion.
The first Pret A Manger opened in London in 1986 and it now operates 530 stores worldwide, serving 300,000 customers every day.