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Travers Smith advises shareholders of the EAT group on agreement to sell to Pret a Manger

Overview

Travers Smith LLP has advised Ardian, long-standing client Horizon Capital and other selling shareholders on the sale of the EAT group (EAT) to Pret a Manger (Pret).

EAT is a well-known British food and drink retailer. It has been announced that in response to growing consumer demand for more vegetarian and vegan options on the high street, Pret plans to convert as many of EAT's shops as possible to "Veggie Prets". The first permanent Veggie Pret was opened in September 2016 and has since expanded to three further locations across London and Manchester, and the transaction is expected to accelerate the growth of the Veggie Pret brand.

The Travers Smith team was led by Private Equity & Financial Sponsors Head Paul Dolman, assisted by Corporate Associates Sally Hirst, Laura Kelly and Tara Gazzard. The team also included Tax Partner Russell Warren, assisted by Associate Hugh Brooks, and Competition Partner Stephen Whitfield, assisted by Senior Associate Paul McComb.

The transaction is to be notified to the UK Competition and Markets Authority and is expected to complete in the second half of this year.