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JAB to buy majority stake in Pret A Manger

RBR Staff Writer Published 30 May 2018

German invesetment firm JAB has agreed to acquire a majority stake in sandwich chain Pret A Manger from Bridgepoint and other minority shareholders.

Financial terms of the transaction, which is expected to be completed this summer, were not disclosed.

Pret A Manger is an international sandwich shop chain based in the UK.

Founded in 1983, Pret offers sandwiches, salads and wraps that are freshly made.

The company presently has 530 shops, including 381 in the UK, 92 in the US, 26 in Hong Kong, 24 in France, 2 in China, 2 Dubai, 2 in Denmark, 1 in Singapore and 1 in the Netherlands. The food chain serves 300,000 customers every day. The stores produce yearly revenue of about £879m.

It is claimed that the food made at Pret A Manger does not have a ‘sell-by’ date and the unsold food is given to charity at the end of the day. Last year the company claims to have given away 3.4 million food items in charity.

Pret A Manger CEO Clive Schlee said: “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 company boasts an increasing international footprint, where it offers an array of vegetarian or vegan sandwiches and salads, as customer demand for meat- free options continues to increase.

JAB partner and CEO Olivier Goudet said: "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.”

Bridgepoint managing partner and Pret chairman William Jackson said: "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."

Image: Pret A Manger at Unit 2, Victoria Place Shopping Centre, London. Photo: Courtesy of Zhangyang/Wikipedia.org.