Pret a Manger eyes Wall Street IPO later in 2017
(ShareCast News) - Pret a Manger is gearing up for a US flotation later this year with the appointment of a cabal of Wall Street investment banks, according to reports.
The London-based fast food group, which is owned by private equity group Bridegpoint, has hired JPMorgan Chase and Jefferies to lead to initial public offer, Bloomberg reported, with Barclays, Credit Suisse and Piper Jaffray all also working on the deal.
An IPO could be completed on the New York Stock Exchange before the end of the year, according sources cited by the Financial Times on Wednesday.
Pret's owners have also been approached by companies looking at a trade sale or buyout, according to Bloomberg.
"As a committed shareholder in Pret we are always exploring appropriate opportunities to ensure the future growth of the company," Bridgepoint said.
"If such opportunities materialise, we will update the market."
Annual results from Pret, which since it was founded with a first shop on London's Victoria Street in 1986 has grown to 444 outlets globally, last month showed sales grew by 15% to £776.2m in the year to 29 December, with adjusted operating profits increasing 11% to £93.2m.
Like-for-like sales improved 4.8% and 50 new shops were opened, with the coffee and sandwiches chain saying it planned keep growing its total estate by circa 10% each year as it looks beyond London towards cities and large towns in which it is underrepresented.