The JAB Holding Co. is expanding it's coffee empire yet again.
On Tuesday, the company announced that it will be acquiring Pret A Manger, a sandwich chain known for its popular organic coffee for 1.5 billion pounds ($2 billion.)
“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 capitalizes 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," said Olivier Goudet, JAB CEO in a press release.
JAB purchased the fast casual cafe Panera Bread last year for $7.2 billion and then this April, made a major investment into the online craft coffee retailer Trade.
JAB also owns Peet’s Coffee & Tea, Keurig Green Mountain, Krispy Kreme Doughnuts, and Au Bon Pain.
Pret A Manger has a menu of on-the-go items like soups, wraps, sandwiches, and more, along with a beverage menu with brewed coffee blends like the Broad Street, Dark Roast and Pret's Decaf and an array of iced coffees.
2017 was a great year for the brand, making it an especially attractive investment.
"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," said Clive Schlee, CEO of Pret A Manger in a press release. “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.”
Pret is rewarding its 12,000 employees by giving them 1,000 pounds each once the deal is complete.
With 381 Pret stores in the U.K., 92 in the U.S., 26 in Hong Kong, 24 in France, and two stores in China, Dubai, and Denmark– JAB is massively expanding its global footprint with this latest acquisition.
Not to mention, it will make it easier for the company to take on its rival and coffee giant Starbucks that has over 25,000 stores worldwide.
Read more about JAB's acquisition of Pret A Manger at "Bloomberg" now.