Bridgepoint has reportedly appointed investment banks to lead a potential US listing of sandwich-and-coffee chain Pret A Manger, as the UK-based business gears up for a flotation that's been rumored for several years. Bridgepoint has backed Pret since a €500 million acquisition in 2008; last month, the company announced sales of £776.2 million (a 15% YoY jump) and £93.2 million in EBITDA (an 11% YoY rise) for 2016.
Bridgepoint could seek a valuation of some £1.5 billion for its portfolio company, per Bloomberg, and the firm has also reportedly been approached by potential strategic acquirers—including JAB, which recently acquired fellow sandwich seller Panera Bread and has had a busy past few weeks—about a possible private sale.
Pret is far from alone in the European IPO pipeline. Blackstone-backed Logicor and Nordic Capital-owned Munters are two other major businesses said to be nearing offerings of their own, although Blackstone is also reportedly considering a potential outright sale. Bridgepoint will hope that by the time Pret's turn comes around, investor appetite for such deals still remains intact.