JAB Holding Co., Germany, announced plans to acquire Pret A Manager from Bridgepoint, a New York-based private equity firm.
Pret A Manager is a UK-based sandwich chain, with presence in the United States, Hong Kong/China and France, operating 530 stores worldwide.
“This is a day of celebration at Pret. This agreement recognizes 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,” says Clive Schlee, chief executive officer of Pret A Manger. “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.”
“We’re very excited to partner with Pret and its talented team to continue their extraordinary growth story,” adds Olivier Goudet, partner and CEO of JAB. “Management’s proven track record and commitment to customer service, investment in innovation and approach to freshly prepared food positions Pret well as it capitalizes 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.”
“Pret has a unique culture and is a great British success story,” says William Jackson, chairman of Pret and managing partner of Bridgepoint. “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.”