BREAKING NEWS

BREAKING NEWS

Germany's JAB to list coffee and restaurant empire - report

Text size Aa Aa

BERLIN/LONDON (Reuters) - JAB Holding Co, the private investment company of the German Reimann family, is planning two initial public offerings of its coffee and restaurant businesses, Germany's Lebensmittel Zeitung reported on Thursday.

"We want to bring both companies to the stock exchange separately in the next two to three years," JAB chairman Peter Harf told the trade journal in an interview.

A JAB spokesman was not immediately available to comment.

The newspaper said the IPOs would generate billions for the Reimanns, who have built the world's largest stand-alone coffee business over the past five years, seeking to take on market leader Nestle, by taking over packaged brands like Jacobs, Douwe Egberts and Keurig as well as chains like Peet's Coffee.

Last year its deals included buying a majority stake in British chain Pret a Manger for $2 billion (£1.6 billion), and the combination, worth more than $21 billion, of its coffee business and a publicly-traded soft drinks business to create Keurig Dr Pepper .

The marriage of Keurig Green Mountain with Dr Pepper Snapple set the stage for further potential expansion into soft drinks, which JAB hinted at in an interview last year.

Lebensmittel Zeitung on Thursday said the coffee business, also including Keurig Dr Pepper, had annual sales of $19 billion, while the restaurant business including the Pret-a-Manger sandwich chain and Panera Bread had turnover of $5.7 billion.

The Reimanns are Germany's second-richest family with a net worth of about 33 billion euros, according to Manager Magazin.

JAB also is the largest shareholder in Coty and third-largest in Reckitt Benckiser Group.

(Reporting by Emma Thomasson and Martinne Geller; editing by Thomas Seythal and Alexandra Hudson)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.