Luxembourg-based investment firm JAB has announced it will buy British high-street sandwich chain Pret A Manger.
Today, CNBC reports that the whole operation will now come under control of JAB Holdings, a Luxembourg-based company owned by Germany's Reimann family, which has chose to purchase the chain from private-equity firm Bridgepoint for a reported $2 billion. JAB bought out the majority owner, private-equity firm Bridgepoint.
Thousands of employees at Pret A Manger will receive bonuses of £1,000 each after German investors complete their purchase of the sandwich chain for £1.5billion bonus.More news: Olympique Lyon star Fekir denies being close to Liverpool switch
The sandwich chain, founded in London in 1986, now operates 530 stores worldwide in locations including the USA, Hong Kong and Dubai.
Mr Schlee also tweeted that 12,000 Pret employees will be given £1,000 when the deal completes.
It generated revenues of £879m previous year.More news: Wanda Sykes Quits 'Roseanne' After Roseanne Barr Tweets Racist Insults
Bridgepoint bought Pret A Manger a decade ago for about 350 million pounds. The sale represents a return of six times on Bridgepoint's initial investment, according to a person familiar with the matter.
The Financial Times earlier reported that the price paid by JAB was £1.5 billion, including debt. It controls packaged brands such as Kenco and Douwe Egberts; retail chains like Peet's and Espresso House; and Keurig, the leading at-home single-serve brewer system in the United States. It also owns a controlling stake in luxury goods company Bally and has a minority holding in consumer goods maker Reckitt Benckiser Plc.
JAB, the family office of Europe's billionaire Reimann clan, has built up the world's second-largest coffee business over the past five years.More news: North Korea and the art of diplomatic brinkmanship