M&A Deal Summary

Pret A Manger Acquires Eat

On May 22, 2019, Pret A Manger acquired restaurant Eat from Horizon Capital UK and Ardian

Acquisition Highlights
  • This is Pret A Manger’s 1st transaction in the Restaurants sector.
  • This is Pret A Manger’s 1st transaction in the United Kingdom.

M&A Deal Summary

Date 2019-05-22
Target Eat
Sector Restaurants
Buyer(s) Pret A Manger
Sellers(s) Horizon Capital UK
Ardian
Deal Type Add-on Acquisition

Target

Eat

Wembley, United Kingdom
Eat Ltd. is a provider of specialist food and coffee ‘to go’ market. Eat Ltd. was founded in 1996 and is based in Wembley, United Kingdom.

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Buyer(S) 1

Buyer

Pret A Manger

London, United Kingdom

Category Company
Founded 1986
Sector Retail
DESCRIPTION

Pret A Manger is a UK retailer of high quality, natural, ready-to-eat sandwiches, salads and drinks. Pret’s sandwiches, salads and wraps are freshly made each day in shop kitchens using quality ingredients. The food doesn’t have a ‘sell?by’ date; Pret offers unsold food to charity at the end of the day, including 3.4 million food items in 2017. Pret currently has 530 shops; 381 in the UK, 92 in the US, 26 in Hong Kong, 24 in France, 2 in China, 2 in Dubai, 2 in Denmark, 1 in Singapore and 1 in the Netherlands. Pret’s fresh, healthy menu serves more than 300,000 customers every day.


DEAL STATS #
Overall 1 of 1
Sector: Restaurants M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
Country: United Kingdom M&A 1 of 1
Year: 2019 M&A 1 of 1

Seller(S) 2

SELLER

Horizon Capital UK

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 800M GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Horizon Capital UK is a private equity firm that targets investments in middle-market companies valued up to £100 million. The Firm has a preference for UK-headquartered businesses and will consider opportunities in the technology services, software, data/analytics, and business services sectors. Prospective transaction situations include buyouts with potential for consolidation. Horizon Capital UK was formed in 1999 and is based in London, United Kingdom.


DEAL STATS #
Overall 18 of 30
Sector: Restaurants M&A 1 of 1
Type: Add-on Acquisition M&A Deals 7 of 13
Country: United Kingdom M&A 16 of 27
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-03 STRAT7

London, United Kingdom

STRAT7 is a global data and insight consultancy, specializing in analytics and transformative strategies. STRAT7 is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 Juniper Education

Chelmsford, United Kingdom

Juniper Education is an education software and services firm supporting schools with management, analytics, and engagement solutions. Juniper Education is based in Chelmsford, United Kingdom.

Buy -
SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 166 of 247
Sector: Restaurants M&A 2 of 2
Type: Add-on Acquisition M&A Deals 43 of 63
Country: United Kingdom M&A 10 of 16
Year: 2019 M&A 4 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-16 Galderma

Zug, Switzerland

Galderma is a global skincare company offering medical and consumer skin health solutions through three business units; aesthetics and prescription and consumer health. Galderma was founded in 1981 and is based in Zug, Switzerland.

Buy Fr.10.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-23 Sintetica

Mendrisio, Switzerland

Sintetica is a pharmaceutical company delivering injectable anaesthetics and analgesics to patients worldwide, through innovative science and excellence in development, production, and marketing. Sintetica was founded in 1921 and is based in Mendrisio, Switzerland.

Buy -