JAB paying $2B for Pret a Manger
Pret-A-Manger employees are in line for a hefty bonus after the British sandwich chain’s acquisition by JAB Ltd., the parent of Panera Bread and Krispy Kreme.
Pret CEO Clive Schlee tweeted Tuesday that the company would be “thanking” each of its 12,000 employees with a bonus of 1,000 pounds, the equivalent of about $1,300. Schlee said the bonuses will be dispersed once the deal closes.
“Today is a big day for Pret,” Schlee said.
Today is a big day for @Pret. As we welcome JAB, we’ll be thanking the people who really matter by giving each of our 12,000 employees £1,000 when the deal completes
— Clive Schlee (@Cliveschlee) May 29, 2018
While financial terms of the deal were not publicly disclosed, The Wall Street Journal reported that JAB’s bid valued Pret at about $2 billion, including its outstanding debt. Based in Luxembourg, JAB also owns majority stakes in Panera, Krispy Kreme, Keurig Green Mountain and Peet’s Coffee & Tea.
Bridgepoint, the hedge fund that currently owns Pret, paid about $266 million to acquire a majority stake in the chain in 2008, according to the Journal. JAB is said to be preparing to open more Pret locations in the U.S., drawing on its background in coffee to drive growth.
Pret operates 530 locations around the world, with 92 locations based in the U.S. The fast-food chain offers on-the-go options such as wraps and salads