UK-based takeaway sandwich chain Pret A Manger is set to be sold to private equity firm JAB Holdings for a cool £1.5 billion.

The chain confirmed the sale on Tuesday morning, on the back of an exclusive report by the Financial Times on Monday. JAB Holdings, who have been rapidly buying up companies in the coffee market, will acquire Pret after the chain chose a sale over a public listing.

Bridgepoint, the company’s current owners, will make a tidy profit on the business, which they bought for £364 million including debt ten years ago.

William Jackson, chairman of Pret and managing partner of Bridgepoint, said:

“We’re proud of what we’ve achieved over the last 10 years with Pret and its management team.”

Clive Schlee, chief executive at Pret, confirmed the sale and said his company achieved the ninth consecutive year of like-for-like sales growth in 2017.

Olivier Goudet, JAB Partner and chief executive, said management had a “proven track record” that was crucial for the business and that they would continue to invest in new products as consumer taste evolves.

Pret owns 530 stores worldwide, including the UK, Asia and France, and generates group revenues of £879 million. Its sale is expected to be completed this summer.