Pret A Manger, the soup-and-sandwich shop that has convinced the world that a tiny cup of oatmeal should cost $6, has been purchased by JAB Holdings in a deal valued at £1.5 billion ($2 billion). It’s a good chunk of change, albeit considerably less than the $21 billion JAB shelled out for Dr Pepper-Snapple last year. The company was nice enough to pass along some of the cash to its employees (its like pooled tips, but on a grander scale) with CEO Clive Schlee announcing on Twitter that each of the company’s 12,000 employees would get £1,000 ($1,300) when the deal was signed.
Today is a big day for @Pret. 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
— Clive Schlee (@Cliveschlee) May 29, 2018
JAB Holdings is the Luxembourg holding company run by the German billionaire Reimann family, who publications keep referring to as “publicity shy.” The acquisition is JAB’s latest move to corner the sad desk lunch market and, as some see it, to rival the Swiss-based Nestle Co., the company that dabbles in purchasing third-wave coffee companies and licensing Starbucks, when they’re not putting clean Michigan water into plastic bottles next door to Flint.
Here are some of the many, many brands under the JAB umbrella:
Peet’s Coffee and Tea
Mighty Leaf Tea
Keurig Green Mountain
Einstein Brothers Bagels (JAB took it private in 2014)
Au Bon Pain