The owner of Krispy Kreme, Keurig and Panera added another restaurant to its fold after acquiring Pret a Manger.
The holding company JAB, which is based in Luxembourg, announced on Tuesday that it acquired the sandwich chain based in the UK, from Bridgepoint, a private equity firm, and other minority shareholders.
Pret, which has sandwiches, salads and coffee on its menu has 530 stores that in 2017 generated sales that exceeded £879 million or $1.2 billion.
The majority of its restaurants are located in the UK but it has outlets in China, France and the United States. The financial terms for this deal were not released by either party and both companies said that they were expecting that the transaction would close during the current summer months. However, one analyst said the price could be as high as £1.5 billion.
Pret A Manger is “ready to eat” in French and has been attempting expansion internationally and this deal is likely to boost those ongoing efforts.
Olivier Goudet the CEO at JAB said the company was excited that it would be partnering with Pret and the talented team it has to continue the company’s extraordinary growth.
It was announced that following the completion of the takeover by JAB of Pret A Manger, all 12,000 employees at the sandwich chain will be given a bonus equal to £1,000.
Pret a Manger launched its first store in 1986 in London and it was acquired by Bridgepoint in 2008 for the price of £350 million.
Chairman William Jackson at Pret and the managing partner at Bridgepoint said that they are proud of what they have achieved the last decade with Pret and the management team it has that has done do much.
JAB is known the best for the beverages businesses it has as besides Keurig it owns Stumptown, Caribou and Peet’s. It is the investment vehicle of the Reimann family a very wealthy Germany family.
It has the second largest coffee business in the world that is has built in only the last five years.
Last year reports surfaced that Jollibee, the fast food chain based in the Philippines was going to bid to takeover Pret, but an offer never surfaced.