JAB
JAB Holding is majority-owned by the Reimann family, which holds long term investments in leading consumer goods companies with strong brands (mass consumer products, food and beverages, cosmetics, and petcare products and services).
In the space of a few years, the group has become the world’s second-largest player in the coffee market (JDE Peet’s) and the third-largest non-alcoholic beverage group in the United States (Keurig Dr Pepper). It has also created a network of restaurants and cafés with more than 4,500 points of sale in the United States and Europe, around emblematic brands (Panera, Pret A Manger etc.).
Since 2019, JAB Holding has also operated in the petcare market. It has become North America’s second-largest provider of veterinary care with a consolidation strategy based around its NVA-Compassion First business. The group has also expanded into adjacent services, with the creation of a pet insurance platform in 2021 and a Pet Labs platform in 2022.
- Investment date
- 2016
Peugeot Invest's investment
Peugeot Invest made a commitment to co-invest $50 million alongside JAB Holding in December 2016, then a further $150 million in December 2017, to support its growth strategy in the consumer goods sector.
In 2018, Peugeot Invest invested an additional $130 million to continue supporting the group’s expansion strategy in the beverages sector following Dr Pepper Snapple Group’s acquisition by Keurig Green Mountain.
In 2019, Peugeot Invest committed a further $100 million to support the group’s upcoming developments in the petcare sector. In 2022, $95 million of commitments were called to finance the NVA-Compassion First acquisition as well as other M&A deals in the petcare platform, and to launch the pet insurance platform .
In 2020 and 2021, Peugeot Invest once again reaffirmed its support to JAB Holding by taking part in two capital increases, investing $20 million in its restaurants business and $1 million in Krispy Kreme.
It made a further $100 million commitment in January 2022 to support JAB Holding’s development in new verticals focused on pet-related services. Of that, $37 million was called in 2022.
Peugeot Invest also saw significant liquidity from its investments in JAB Holding: it received almost $188 million in cash distributions and from selling shares in the market, significantly reducing its exposure to Keurig Dr Pepper and selling all of its stake in Krispy Kreme.
In 2022
Keurig Dr Pepper and JDE Peet’s reported organic revenue growth of +11%. Inflation is temporarily affecting margins at these two companies and several price increase actions have been implemented, the full effect of which should be visible in 2023. NVA and Panera Brands also enjoyed a buoyant post-Covid environment, allowing them to continue growing. All companies in the group are continuing to prioritise cash generation, and none have any short-term funding issues.
A number of acquisitions took place during the year. The petcare platform completed acquisitions for the third consecutive year two strategic transactions: SAGE Veterinary Centers and Ethos Veterinary Health, which increased the number of specialty and emergency hospitals within NVA’s offering. North American insurance platform IPG also completed the acquisition of C&F Pet and Pethealth Inc. in 2022. Besides, JAB Holding integrated the operations of Pet Protect, VioVet, Agila and Veterfina within its European platform Pinnacle Pet Group. Together the two insurance platforms provide insurance for almost 1 million pets. Finally, JAB Holding announced the launch of its Pet Labs platform in September 2022 with the acquisition of Veterinary Pathology Group. This platform operates in Ireland and the United Kingdom, and extends JAB Holding’s range of services into veterinary diagnostics.
Key figures
- Revenue of subsidiaries related to Peugeot Invest
- € 28 bn
- Total committed amount
- $ 450 m