Pret a Manger gives workers bonuses after JAB deal

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On Tuesday, global investment firm JAB announced a deal to buy British sandwich chain Pret A Manger.

JAB Holding Co., based in Luxembourg, did not disclose the financial terms of its deal with the current owner, the private equity firm Bridgepoint.

William Jackson, chairman of Pret and managing partner of Bridgepoint, said: "We're proud of what we've achieved over the last 10 years with Pret and its management team".

It also gives a windfall to Pret's 12,000 staff as Chief Executive Clive Schlee said via Twitter they would each get a 1,000 pound bonus once the deal completes.

Now it has agreed to buy Pret A Manger, the 32-year-old chain - known to its mainstay customers as "Pret" - that makes its sandwiches and salads fresh every day.

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Bridgepoint bought Pret for £364million in 2008, which means it has made a 312 per cent profit.

JAB made an approach to buy Pret A Manger as Bridgepoint was considering a US initial public offering of the company, Bloomberg News reported past year, citing people familiar with the situation.

"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".

The sale price represents a multiple of 15 times Pret's 2017 earnings before interest, taxes, depreciation and amortisation of more than 100 million pounds, according to a person with knowledge of the matter. It controls packaged brands such as Kenco and Douwe Egberts, as well as chains Peet's and Espresso House. JAB also is the largest shareholder in beauty company Coty Inc. and has a minority holding in consumer-goods maker Reckitt Benckiser Plc.

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