JAB to Acquire Majority Stake in Pret A Manger
Pret A Manger (“Pret”), a leading company in the ready-to-eat food market, and JAB, a global investment firm with a proven track record of investing in premium brands, today announced that JAB will acquire Pret from Bridgepoint, an international private equity firm and its majority owner, and other minority shareholders. The transaction is expected to be completed during the Summer 2018. Terms of the transaction were not disclosed.
Pret maintains a strong presence in the U.K. and boasts a rapidly growing international footprint with a presence in the United States, Hong Kong/China and France. Pret’s sandwiches, salads and wraps are freshly made each day in shop kitchens using quality ingredients. Pret’s offering includes an array of vegetarian or vegan sandwiches and salads, as customer demand for meat-free options continues to increase. The company operates 530 stores worldwide, generating group revenues of £879 million.
Clive Schlee, CEO of Pret A Manger, commented:
“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 brand continues to thrive around the world thanks to our simple recipe of freshly prepared food, served by genuinely engaged teams.”
Olivier Goudet, JAB Partner and CEO, said:
“We’re very excited to partner with Pret and its talented team to continue their extraordinary growth story. 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 with JAB.”
William Jackson, Chairman of Pret and Managing Partner of Bridgepoint, added:
“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. I wish Pret and its team continued success for the future.”
JAB is acquiring its stake in Pret through an investment vehicle of JAB Consumer Fund and JAB Holding Company. JAB Consumer Fund is backed by a group of like-minded, long-term oriented investors and, together with JAB Holding Company, invests in companies with premium brands, attractive growth and strong margin dynamics in the Consumer Goods category.
About Pret A Manger
Pret A Manger opened in London in 1986. Pret’s sandwiches, salads and wraps are freshly made each day in shop kitchens using quality ingredients. The food doesn’t have a ‘sell-by’ date; Pret offers unsold food to charity at the end of the day, including 3.4 million food items in 2017. Pret currently has 530 shops; 381 in the UK, 92 in the US, 26 in Hong Kong, 24 in France, 2 in China, 2 in Dubai, 2 in Denmark, 1 in Singapore and 1 in the Netherlands. Pret’s fresh, healthy menu serves more than 300,000 customers every day.
About JAB Holding Company
JAB Holding Company and JAB Consumer Fund invest in companies with premium brands, attractive growth and strong margin dynamics in the Consumer Goods category. Both JAB Holding Company and JAB Consumer Fund are overseen by its three Senior Partners: Peter Harf, Bart Becht (Chairman) and Olivier Goudet (CEO).
Together, JAB Holding Company and JAB Consumer Fund have controlling stakes in Keurig Green Mountain, a challenger & leader in the North-American beverage market, Jacobs Douwe Egberts (JDE), the largest pure-play FMCG coffee company in the world, Panera Bread, a leading bakery-cafe company, Peet's Coffee & Tea, a premier specialty coffee and tea company, Caribou Coffee Company, a specialty retailer of high-quality premium coffee products, Einstein Noah Restaurant Group, Inc., the leader in the North-American Bagel Category, Krispy Kreme Doughnuts, a global leader in doughnuts and other premium-quality sweet treats, and in Espresso House, the largest branded coffee shop chain in Scandinavia.
JAB Holding Company is also the largest shareholder in Coty Inc., a global leader in beauty, and owns a controlling stake in luxury goods company Bally as well as a minority stake in Reckitt Benckiser PLC, a global leader in health, hygiene and home products. For more information, please visit the company's website at: http://www.jabholco.com.
Bridgepoint is an international private equity firm. With €18 billion of assets under management and over €28 billion of capital raised to date, it typically focuses on acquiring well managed companies in attractive sectors helping companies and management teams by investing in expansion, operational transformation or via consolidating acquisitions.
The Firm operates three divisions:
1. – Bridgepoint Europe, which concentrates on middle market companies across Europe typically valued between €200 million and €1 billion. It has offices in Europe, China and the United States in Frankfurt, Istanbul, London, Luxembourg, Madrid, New York, Paris, Shanghai and Stockholm. It is currently investing a €4 billion fund, Bridgepoint Europe V.
2. Bridgepoint Development Capital, a separate ‘lower mid-cap’ or smaller buyout and growth capital business which focuses on the acquisition of companies in the UK, France and the Nordic region, typically valued between €50 million and €150 million. In 2016 it raised a new £600 million fund, BDC III.
3. Bridgepoint Growth makes earlier stage growth capital investments in fast-growth smaller businesses, typically valued up to £30 million, seeking equity investment between £5 million and £15 million. It has a focus on the consumer, media, technology and business services sectors and in particular on companies utilising digital technologies to achieve transformational growth in their end-markets.
For further information, see www.bridgepoint.eu
Pret A Manger Contact:
Julie Carolan, +44 (0)7876 392 832
JAB Holding Company Contacts:
Tom Johnson/Pat Tucker, +1 212-371-5999
James Murray, +44 (0)20 7034 3555
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
FDA Approves OTEZLA® (apremilast) for the Treatment of Oral Ulcers Associated with Behçet’s Disease19.7.2019 17:59:00 CEST | Press release
Celgene Corporation (NASDAQ:CELG) today announced that the U.S. Food and Drug Administration (FDA) has approved OTEZLA® (apremilast) 30 mg twice daily (BID) for the treatment of adult patients with oral ulcers associated with Behçet’s Disease. OTEZLA, an oral, selective inhibitor of phosphodiesterase 4 (PDE4), is the first and only approved treatment option for oral ulcers associated with Behçet’s Disease, a rare, chronic, multisystem inflammatory disease that is difficult to treat. “Oral ulcers are a recurring and debilitating manifestation that affects nearly everyone living with Behçet’s Disease, and have an important negative impact on the quality of life for these patients,” said Yusuf Yazici, M.D., Clinical Associate Professor, Department of Medicine, New York University Langone Health. “In the clinical trial, OTEZLA demonstrated improvements in measures of oral ulcers at week 12. OTEZLA has the potential to be a needed treatment option for U.S. patients and their physicians, who
Abiraterone Acetate Included in World Health Organisation’s Essential Medicines List for the Treatment of Metastatic Castration-Resistant Prostate Cancer19.7.2019 13:05:00 CEST | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson is delighted with the recent announcement from the World Health Organisation (WHO) to include abiraterone acetate (ZYTIGA ® ) for the treatment of metastatic castration-resistant prostate cancer (mCRPC), in the updated Essential Medicines List, published on 9th July 2019.1,2 The WHO’s Essential Medicines List is a core guidance document that helps countries prioritise critical health products that are recommended to be widely available and affordable throughout health systems.1 “The inclusion of abiraterone acetate in the WHO Essential Medicines List highlights the critical role that this treatment can play in improving the lives of patients living with mCRPC and their families,” said Dr. Joaquín Casariego, Janssen Therapeutic Area Lead Oncology for Europe, Middle East & Africa, Janssen-Cilag S.A. “I am proud that we are working hard to impact survival and quality of life by developing and providing innovative medicines which ar
Gilead Sciences Licenses Respiratory and Herpes Antiviral Research Programs From Novartis19.7.2019 12:30:00 CEST | Press release
Gilead Sciences, Inc. (NASDAQ: GILD) announced today that it has licensed three preclinical antiviral programs from Novartis, including investigational agents with the potential to treat human rhinovirus, influenza and herpes viruses. Under the agreement, Gilead will acquire exclusive global rights to develop and commercialize novel small molecules against three undisclosed targets. Novartis will receive an upfront payment and is eligible to receive up to an additional $291 million in potential milestone payments upon achievement of certain development and commercial milestones, as well as royalties on annual net sales. “Today’s announcement builds on Gilead’s heritage in antiviral research and development. We look forward to applying this expertise to advance the development of potential new treatments for viruses with limited therapeutic options,” said John McHutchison AO, MD, Gilead’s Chief Scientific Officer and Head of Research and Development. Gilead’s antiviral portfolio include
Schlumberger Announces Second-Quarter 2019 Results19.7.2019 11:00:00 CEST | Press release
Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2019. (Stated in millions, except per share amounts) Three Months Ended Change Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Sequential Year-on-year Revenue $8,269 $7,879 $8,303 5% 0% Pretax segment operating income $968 $908 $1,094 7% -12% Pretax segment operating margin 11.7% 11.5% 13.2% 17 bps -148 bps Net income - GAAP basis $492 $421 $430 17% 14% Net income, excluding charges & credits* $492 $421 $594 17% -17% Diluted EPS - GAAP basis $0.35 $0.30 $0.31 17% 13% Diluted EPS, excluding charges & credits* $0.35 $0.30 $0.43 17% -19% North America revenue $2,801 $2,738 $3,139 2% -11% International revenue $5,463 $5,037 $5,065 8% 8% North America revenue, excluding Cameron $2,243 $2,178 $2,546 3% -12% International revenue, excluding Cameron $4,761 $4,469 $4,387 7% 9% *These are non-GAAP financial measures. See section titled "Charges & Credits" for details. Schlumberger Chairman and CEO Paal Kibsgaard commente
Schlumberger Appoints Olivier Le Peuch as CEO19.7.2019 10:46:00 CEST | Press release
Schlumberger Limited (NYSE: SLB) announced today that its Board of Directors has appointed Olivier Le Peuch as its Chief Executive Officer and member of the Schlumberger Board, effective August 1, 2019. Mr. Le Peuch succeeds Paal Kibsgaard, who will retire as Chief Executive Officer effective that same date. Also effective August 1, Mr. Kibsgaard will step down as Chairman of the Board and retire as a member of the Board of Directors. Mr. Kibsgaard will retire after more than 22 years of service to the Company, including eight years as CEO and four years as Chairman. Effective the same date, Mark G. Papa, a current non-independent director, will become non-executive Chairman of the Board. Peter Currie will continue to serve as the Board’s Lead Independent Director. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190719005161/en/ Olivier Le Peuch is appointed Chief Executive Officer and a member of the Schlumberger Board, effe
Fluke Corporation Acquires Industrial Reliability Leader PRÜFTECHNIK19.7.2019 10:00:00 CEST | Press release
Fluke Corp., the global leader in test and measurement instruments, has acquired Ismaning, Germany-based PRÜFTECHNIK, a market leader in precision laser shaft alignment, condition monitoring, and non-destructive testing. “Fluke’s acquisition of PRÜFTECHNIK reflects the growing importance our customers place on reliability systems to keep their equipment in optimum operating condition,” said Marc Tremblay, president of Fluke Corporation. “This business will help us usher in the next generation of solutions for our industrial customers.” Fluke Corporation For information on Fluke tools and applications, or to find the location of your nearest distributor, contact Fluke Corporation, P.O. Box 9090, Everett, WA USA 98206, call (800) 44-FLUKE (800-443-5853), fax (425) 446-5116, e-mail firstname.lastname@example.org or visit the Fluke Web site at http://www.fluke.com. About Fluke Founded in 1948, Fluke Corporation is the world leader in compact, professional electronic test tools and software for measu