Popular Food-to-go retailer Pret A Manger, owned by private equity owners Bridgepoint has been sold for £1.5 billion to investment firm JAB based in Luxemburg. It is understood that all 12,000 staff employed will receive a £1,000 bonus once the sale of the firm is completed.
The two firms did not say how much JAB was paying, however reports put the value of the deal at £1.5bn
The transaction is expected to be completed during the summer, where JAB will acquiring its stake in Pret A Manger through an investment vehicle of JAB Consumer Fund and JAB Holding Company.
“This is a day of celebration at Pret. This agreement recognises the hard work of all our amazing teams around the world,” Pret A Manger chief executive Clive Schlee said. 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 A Manger has 530 stores worldwide and is rapidly expanding globally in countries such as the US, China and France.
It booked revenues of £879 million last year, as well as its ninth consecutive year of like-for-like sales growth.