According to the Financial Times, JAB Holding is contemplating the involvement of new investors in Pret, potentially ahead of a forthcoming initial public offering (IPO).
JAB acquired Pret for £1.5 billion in 2018 and has recently engaged with advisers regarding the possibility of a stake sale. However, the firm clarified that this option is not currently under consideration.
“As we move closer to a potential IPO, we may evaluate bringing on a pre-IPO investor,” a JAB spokesperson informed the FT.
This marks the first public comment from JAB regarding the potential for taking Pret public, signaling a shift in strategy.
Food Manufacture has reached out to Pret for comments regarding this development.
This news arrives shortly after JAB appointed industry veteran José Cil as chair of Pret’s board of directors.
Cil previously served as CEO of Restaurant Brands International, which includes notable brands like Burger King, Tim Hortons, Popeyes, and Firehouse Subs. He takes over from Konrad Meyer, who continues to serve on the board.
Commenting on Cil’s appointment, Pret CEO Pano Christou stated: “José’s vast experience in restaurants and franchising will play an invaluable role in making Pret a truly successful, fast-growing global business.”
“I’m looking forward to working with José to help us deepen relationships with our franchise partners and drive sustainable profitable growth,” he added.
In a response, Cil expressed his admiration for the Pret brand and noted that it has only “scratched the surface” of its potential.
“I’m eager to collaborate with Pano and the broader management team to enhance Pret’s simple, winning recipe: delicious, freshly made food and coffee, served by friendly, high-performing teams in shops and restaurants across the world,” he remarked.
Founded in 1986, Pret opened its first shop in London and now operates over 700 locations globally, primarily in the UK. The company specializes in coffee, sandwiches, salads, and breakfast items.
JAB also owns Krispy Kreme and Keurig Dr Pepper but is reportedly shifting its focus away from the consumer sector.
