Pret?A?Manger, ?the?readytoeat?food?market company with stores throughout the East Midlands,?and?JAB,?a?global?investment?firm?with?a track? record of paying for?premium brands, have announced that JAB will acquire Pret from Bridgepoint, an international equity finance firm?and?its?majority?owner,?and?other?minority?shareholders.
The?transaction?is?expected?to?be?completed?during?the?Summer?2018.?Terms?of?the?transaction?aren’t disclosed.
Pret?maintains?a?strong?presence?in?the?U.K.?and?boasts?a?rapidly?growing?international?footprint?with?a?presence?in?the?United?States,?Hong?Kong/China?and?France.?Pret’s?sandwiches,?salads?and?wraps?are?freshly?made?each?day?in?shop?kitchens?using?quality?ingredients.?The?company?operates?530?stores?worldwide,?generating?group?revenues?of?879?million.
Clive?Schlee,?CEO?of?Pret?A?Manger,?commented:?”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?longterm?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.
“I?am?also?pleased?to?say?that?2017?was?another?year?of?solid?results?for?Pret,?and?we? achieved?our?ninth?consecutive?year?of?like for like sales growth. The company continuously thrive throughout the world thanks?to?our?simple? recipe of freshly prepared food, served? by genuinely engaged?teams.”
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?freshlyprepared?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.”
William?Jackson,?Chairman?of?Pret?and?Managing?Partner?of?Bridgepoint,?added:?”Pret?has?a?unique?culture?and?is?a?great?British?success?story.?We’re?proud?of?what?we’ve?achieved?over?the?last?10?years?with?Pret?and?its?management?team.?This?has?been?a?successful?investment?for?Bridgepoint?and?illustrates?how?private?equity,?investing?for?the?long?term?and?working?with?talented?management?can?deliver?strong?growth?for?the?benefit?of?all?stakeholders:?customers,?employees?and?suppliers?and?create?real?value?for?the?wider?economy.?I?wish?Pret?and?its?team?continued?success?for?the?future.”
JAB?is?acquiring?its?stake?in?Pret?through?an?investment?vehicle?of?JAB?Consumer?Fund?and?JAB?Holding?Company.
