JAB, which has built up a large portfolio of coffee brands, is to acquire a majority stake in UK-based ready-to-eat food company Pret A Manger.
JAB is acquiring Pret A Manger from Bridgepoint, an international private equity firm and its majority owner, and other minority shareholders. The transaction is expected to be completed later this summer.
Pret maintains a strong presence in the UK and boasts a rapidly growing international footprint with a presence in the US, Hong Kong/China and France.
Clive Schlee, CEO of Pret A Manger, said “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. “
Olivier Goudet, JAB Partner and 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.”
JAB is acquiring its stake in Pret through an investment vehicle of JAB Consumer Fund and JAB Holding Company.