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Pret A Manger sold to private equity firm JAB

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UK sandwich and coffee chain Pret A Manger is to be sold by its private equity owners Bridgepoint to Luxembourg-based JAB Holdings.The two firms did not say how much JAB was paying, although one report put the value of the deal at
William Jackson, chairman of Pret and managing partner of Bridgepoint, said: "We're proud of what we've achieved over the last 10 years with Pret and its management team."JAB is the investment vehicle of Germany's wealthy Reimann family.It has built up the world's second-largest coffee business during the past five years. It controls packaged brands such as Kenco and Douwe Egberts, as well as chains Peet's and Espresso House.It is also the largest shareholder in beauty firm Coty and owns a controlling stake in luxury goods company Bally. Last year, it was reported that Philippine fast food chain Jollibee was about to make a bid for Pret, but no offer emerged.
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