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Pret A Manger Said To Plan U.S. IPO As Owner Hires Banks

By Steve Wynne-Jones
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Pret A Manger Said To Plan U.S. IPO As Owner Hires Banks

The owners of the Pret A Manger cafe chain are working with advisers at JPMorgan Chase & Co. and Jefferies Group LLC to prepare a U.S. initial public offering this year, people familiar with the matter said.

Private equity firm Bridgepoint Advisers is also working with Credit Suisse Group AG, Barclays Plc and Piper Jaffray Cos on the potential listing, the people said, asking not to be identified because the plans are private. The company has also been approached by bidders aiming to preempt the process, the people said. No final decisions have been made and Bridgepoint may still decide against a listing or sale, they said.

New Opportunities

A representative for Bridgepoint said the firm is always exploring opportunities to ensure the future growth of Pret and will update the market if they materialize. JPMorgan, Barclays and Credit Suisse declined to comment. Representatives for Jefferies and Piper Jaffray didn’t immediately respond to requests.

Bridgepoint is eyeing the U.S. for the listing as it focuses on the American market for future growth, the people said. London-based Pret reported 2016 revenue of 776.2 million pounds ($1 billion) and earnings before interest, taxes, depreciation and amortization of 93.2 million pounds, Bridgepoint said. Bridgepoint bought Pret for 500 million euros ($545 million) in 2008.

At the end of 2016, Pret had 444 shops globally: 329 in the UK, 74 in the US, 19 in Hong Kong, 19 in France, 2 in China and 1 in Dubai.

News by Bloomberg, edited by ESM. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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