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Deal-hungry coffee group to buy Pret A Manger for £ 1.5bn



Pret A Manger's private equity owner has agreed to sell the £ 1.5bn UK-based sandwiches to JAB Holdings, a private investment group that acquires beverage giant Nestlé by joining forces quickly acquired by the coffee market. 19659002] The purchase price of £ 1.5 billion is inclusive of debt, said three people with direct knowledge of the transaction. The grab-and-go sandwich shop confirmed the sale in a Tuesday announcement. The upcoming acquisition was first announced by the Financial Times.

The sale will mean a lucrative exit for Pret's owner Bridgepoint, the British private equity group, which originally paid £ 364 million including debt for the purchase of the company a decade ago.

The London-based company had examined a listing by Pret, but decided it could be priced better by selling it. The deal estimates Pret at around 1

5x earnings before interest and tax, people say.

It's also the latest in a series of coffee and beverage focus acquisitions by JAB, which in January made a deal to acquire Dr Pepper Snapple, the fifth largest carbonated beverage company in the world, for $ 18.7 billion in cash and combined it with his Keurig Green Mountain coffee shop.

Coffee is one of the fastest growing consumer goods companies, especially in the United States, the largest coffee market in the world.

Clive Schlee, CEO of Pret, announced that his company posted like-for-like sales growth in 2017 for the ninth year in a row.

Olivier Goudet, JAB Partner and Chief Executive, said his company will do this. They will continue to benefit from management's "proven track record" and continue to invest in new products as consumer tastes evolve.

Founded in 1986 as a retail store in London, Pret has expanded to around 500 stores around the world and is becoming a staple for workers looking for quick but affordable options, especially for breakfast and lunch.


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