Pret A Manger finds new owner
Another staple of the UK high street has been snapped in a deal expected to be worth about £1.5bn. Pret A Manger has been sold by private equity owners Bridgepoint to Luxembourg-based JAB Holdings with the deal looking to complete by early summer.
The sandwich and coffee chain opened in London in 1986, and has had steady growth ever since. Capitalising on its success in the UK, Pret A Manger expanded into the US, Hong Kong, China and France. With over 530 stores worldwide, the chain boasts sales in excess of £879m per annum.
Managing partner at Bridgepoint and chairman of Pret A Manger William Jackson stated "We're proud of what we've achieved over the last 10 years with Pret and its management team." The management team were keen to state that the change of ownership will give the store the necessary tools to grow further.
JAB is currently the world's second-largest coffee business, with household names such as Douwe Egberts and Kenco operating under their umbrella. With the purchase of chains Peet's and Espresso House, Pret A Manger seemed like a natural addition to the portfolio.
There had been hints of another bid for Pret late last year from Philippine fast food chain Jollibee, but it was JAB who were keen to lock in this popular UK store.