- The sandwich chain Pret A Manger announced its acquisition by the investment firm JAB – which also owns Panera and Krispy Kreme – on Tuesday.
- Pret A Manger says every worker on its payroll will receive a $US1,300 bonus when the deal closes.
- The acquisition reportedly values Pret A Manger at $US2 billion.
The British sandwich chain Pret A Manger plans to give all of its workers a bonus following a $US2 billion deal to acquire it.
The global investment firm JAB announced a deal to buy Pret A Manger on Tuesday. While the companies did not disclose terms of the deal, Reuters reported that the acquisition valued Pret at more than $US2 billion.
The deal apparently means workers are getting a major payday.
“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,” Pret A Manger CEO Clive Schlee tweeted on Tuesday.
That means each worker will receive more than $US1,300. The Guardian reports that the bonuses are to be paid to all employees on payroll the week the deal is completed; that is expected to occur this summer.
“It’s serendipity for those who have just joined,” Schlee said.
Pret A Manger has 530 stores worldwide, opening locations in the United States, Hong Kong and China, and France in recent years. The chain is known for its upscale sandwiches and organic coffee. JAB is acquiring Pret from the private-equity firm Bridgepoint.
JAB has been building a coffee empire in recent years. It spent roughly $US7.5 billion to acquire Panera in 2017. The firm also paid about $US1.35 billion to buy Krispy Kreme Doughnuts in 2016.
“Management’s proven track record and commitment to customer service, investment in innovation and approach to freshly prepared food position Pret well as it capitalises on evolving customer taste and lifestyle preferences,” Olivier Goudet, the JAB partner and CEO, said in a statement.
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