Pret A Manger sold to Krispy Kreme owner for £1.5bn

May 30, 2018, 05:41
Pret A Manger sold to Krispy Kreme owner for £1.5bn

Clive Schlee, the Pret A Manger chief executive, said on Tuesday that all staff, from baristas to head office employees, would receive a £1,000 windfall once the deal was finalised.

Bridgepoint bought a majority stake in Pret a decade ago for about 345 million pounds and had been examining an exit via a NY stock market listing before opting to sell to JAB.

The Financial Times, which first reported the deal, said the company was valued at €1.7 billion including debt. Schlee said the bonuses will be dispersed once the deal closes.

Pret-A-Manger employees are in line for a hefty bonus after the British sandwich chain's acquisition by JAB Ltd., the parent of Panera Bread and Krispy Kreme.

It was announced this morning that JAB has acquired Pret from its private equity owner Bridgepoint and other minority shareholders for a reported £1.5bn.

Bridgepoint, which bought Pret for £364 million in 2008, had been considering listing the firm in NY.

Now it has agreed to buy Pret A Manger, the 32-year-old chain - known to its mainstay customers as "Pret" - that makes its sandwiches and salads fresh every day.

William Jackson, chairman of Pret and managing partner of Bridgepoint, said: "We're proud of what we've achieved over the last 10 years with Pret and its management team".

The firm has spent more than $30 billion building its coffee-focused empire, which also includes three chains of shops in Europe - Espresso House in Sweden, Baresso in Denmark, and Balzac in Germany - as well as European brands sold in supermarkets, such as Douwe Egberts and Gevalia.

Luxembourg-based JAB is also behind Kenco coffee and Dr Pepper.

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