JAB adds Pret A Manger to its stable of ...
The global M&A spurt is paying off handsomely for Pret A Manger employees.
When JAB Holdings, the acquisition-hungry conglomerate controlled by Germany’s billionaire Reimann family, agreed Tuesday to buy the UK-based sandwich shop for about $2 billion, including debt, Pret’s management said each employee will get a bonus worth about $1,300.
“We’ll be thanking the people who really matter by giving each of our 12,000 employees 1,000 [pounds] when the deal completes,” tweeted Pret Chief Executive Clive Schlee.
And anyone working for Pret during the week this summer when the deal is expected to close — even if employed for only a day — will get the bonus.
As for JAB, the deal is yet another sign of the intense, can-you-top-this rivalry with a second European leviathan, Nestle, over grabbing a dominant role in the $100 billion global coffee business.
Earlier in May, Nestle, the world’s largest food and beverage company — which owns Nescafé, Nespresso and Coffee-mate — inked a $7.15 billion deal to distribute Starbucks packaged coffee around the world.
JAB, which has acquired about 20 coffee chains or brands over the past six years — including Keurig Green Mountain, Au Bon Pain, Balzac Coffee, Krispy Kreme and Caribou Coffee — seemed to counter its rival’s latest deal with the Pret pact.
The price of the JAB-Pret deal wasn’t disclosed, but it is believed to be about $2 billion.
At several Midtown Manhattan Pret stores on Tuesday, news of the upcoming bonus was still brewing.