JAB buys majority stake in UK's Pret a Manger

JAB buys majority stake in UK's Pret a Manger

It booked revenues of £879m a year ago. The bonuses will be paid to all employees on payroll the week the deal completes, The Guardian reports, which is expected to occur this summer.

Last year, it was reported that Philippine fast food chain Jollibee was about to make a bid for Pret, but no offer emerged. While the companies did not disclose terms of the deal, Reuters reported the acquisition values Pret at more than $2 billion.

Pret A Manger, which sells sandwiches and salads made fresh daily in its stores, generates annual revenue of 879 million pounds from 530 locations, Bridgepoint said in the statement.

United Kingdom sandwich and coffee chain Pret A Manger is to be sold by its private equity owners Bridgepoint to Luxembourg-based JAB Holdings. The Swiss company responded this month by agreeing to pay $7.15 billion (U.S.) for the right to market Starbucks products from beans to capsules.

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Olivier Goudet, JAB chief executive, said they were excited "to partner with Pret and its talented team to continue their extraordinary growth".

Many a NY lunch hour has been spent making a quick run to Pret a Manger, the British chain known for its ready-to-eat meals and ridiculously good cookies.

"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 also behind Krispy Kreme donuts, Kenco coffee and Dr Pepper. The sale represents a return of six times on Bridgepoint's initial investment, according to a person familiar with the matter. It also owns a controlling stake in luxury goods company Bally and has a minority holding in consumer goods maker Reckitt Benckiser Plc.

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