Luxembourg-based JAB Holding Co. has added yet another chain to its collection — Pret A Manger. JAB bought out the majority owner, private-equity firm Bridgepoint. The terms of the deal were not disclosed.
The companies expect the deal to finalize this summer, and Pret CEO Clive Schlee promised al 12,000 employees of the brand a £1,000 bonus at that time.
Pret has a collaborative, bonus-based approach to employee engagement, making team members select new hires and having frequent mystery shopping tied to each location’s bonuses.
Pret offers premium prepared foods like sandwiches, soups and salads, with daily leftovers given to food banks. The brand has also made a pledge to move to all recyclable packaging by 2025.
“This is a day of celebration at Pret. This agreement recognises the hard work of all our amazing teams around the world,” said Schlee.
“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.”
Schlee said that 2017 was the ninth consecutive year of sales growth.
London-based Pret has 530 locations, with the majority in the UK — but others scattered in nine countries. The prepared foods chain has been expanding in the U.S. market in dense areas with pedestrian traffic.
JAB has an assortment of breakfast, coffee and bakery brands including Panera Bread, Krispy Kreme, Peet’s Coffee, Caribou Coffee, Keurig, and Einstein Brothers.
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