Pret A Manger Sold to JAB Holdings

Private investment group JAB Holdings has announced that it will acquire sandwich and coffee chain Pret A Manger from its majority owner Bridgepoint and other minority shareholders. The deal is reportedly valued at £1.5 billion, although the companies declined to disclose the terms of the transaction. 

The move marks a handsome return for Bridgepoint, which had acquired the chain in 2008 for roughly £350 million. Pret now operates 530 stores across the globe, generating revenues of £879 million.

Clive Schlee, Pret's CEO, reflected on the move, saying: "This is a day of celebration at Pret. This agreement recognizes the hard work of all our amazing teams around the world. Bridgepoint has been a wonderful owner 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, CEO of JAB Holdings, added: "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 capitalizes 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."

The transaction represents a further inroad into the high street coffee and food market for JAB Holdings, which also holds stakes in chains including Caribou Coffee, Espresso House, Krispy Kreme and Panera Bread, alongside an investment into manufacturer Jacobs Douwe Egberts.