Skadden Tucks into Pret Mandate as it Agrees to Buy Rival EAT
The U.S. firm has won the lead role on the takeover of the rival High Street food business.
May 22, 2019 at 07:24 AM
2 minute read
U.S. firm Skadden Arps Slate Meagher & Flom has taken the lead mandate advising Pret a Manger on its takeover of rival sandwich chain EAT.
The businesses agreed a deal today (May 22), after it emerged last week that Pret was looking to acquire EAT. In a statement issued earlier, Pret said it plans to convert as many EAT shops as possible into its vegetarian outlets – known as 'Veggie Prets'.
The statement added: "The first permanent Veggie Pret was opened in September 2016 and has since expanded to three further locations across London and Manchester. This acquisition is expected to significantly accelerate the growth of this brand."
The London-based Skadden team advising Pret includes private equity partner duo Richard Youle and Katja Butler, who joined from U.S. rival White & Case in 2017.
They are joined by corporate partner Linda Davies, banking partner Mark Darley and tax partner James Anderson.
Meanwhile, Travers Smith private equity head Paul Dolman is advising EAT's majority shareholders – private equity houses Ardian and Horizon Capital – on the sale.
Dolman advised Lyceum Capital when it bought the high street food chain in 2011 from Penta Capital.
Freshfields Bruckhaus Deringer is advising Pret on antitrust issues, fielding a team led by London-based antitrust partner Alex Potter, according to two people with knowledge of the matter.
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