Pret A Manger to be owned by global investment firm JAB
The purchased sandwich and coffee brand currently operates 530 stores worldwide.
Pret A Manger is set to be sold from majority owner Bridgepoint and minor shareholders to JAB.
Terms of the transaction were not disclosed, but some outlets have reported the deal at £1.5 billion.
Currently operating 530 stores worldwide and reportedly generating group revenues of £879 million, Pret maintains a strong presence in the UK and boasts of a growing international footprint in the United States, China, and France.
"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,” Pret A Manger CEO Clive Schlee said in a statement.
Bridgepoint previously acquired Pret for over £300 million.
"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,” William Jackson, Chairman of Pret and Managing Partner of Bridgepoint, added.
JAB, meanwhile, shared their excitement of partnering with Pret.
“Management's proven track record and commitment to customer service, investment in innovation and approach to freshly prepared food position Pret well as it capitalises 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," Olivier Goudet, JAB Partner and CEO said.
