LONDON, May 29 2018 – Pret A Manger (“Pret”), a leading company in the ready-to-eat food market, and JAB, a global investment firm with a proven track record of investing in premium brands, today announced that JAB will acquire Pret from Bridgepoint, an international private equity firm and its majority owner, and other minority shareholders. The transaction is expected to be completed during the Summer 2018. Terms of the transaction were not 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. Pret's offering includes an array of vegetarian or vegan sandwiches and salads, as customer demand for meat-free options continues to increase. 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 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.
"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 brand continues to thrive around 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 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."
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. JAB Consumer Fund is backed by a group of like-minded, long-term oriented investors and, together with JAB Holding Company, invests in companies with premium brands, attractive growth and strong margin dynamics in the Consumer Goods category.
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