Pret A Manger has been sold to the investment firm JAB in a £1.5 billion deal.

The sandwich chain has been sold to the German owner of Krispy Kreme donuts and Kenco coffee, in a deal that is expected to be completed by the end of the summer.

Every Pret A Manger employee will receive £1,000 when the deal is completed.

“The £1,000 bonus will be paid to all employees who are on the payroll during the week the deal completes. It’s serendipity for those who have just joined,” said Clive Schlee, the chief executive.

“This agreement recognises the hard work of all our amazing teams around the world,” he said.

Schlee called the deal a “day of celebration” for the company.

Pret A Manger has 500 stores, with 50 opened in the past year. The sandwich chain also has stores in the US, China and Dubai and last year generated revenues of £879 million.

The group has posted nine consecutive years of like-for-like sales growth.

The group hopes to expand internationally and employ more British staff in the UK as preparation for Brexit. 

“We’re very excited to partner with Pret and its talented team to continue their extraordinary growth story. Management’s proven track record and commitment to customer service, investment in innovation and approach to freshly prepared food position Pret well as it capitalises on evolving consumer taste and lifestyle preferences,” said Olivier Goudet, the chief executive and partner at JAB.

“We look forward to working with Clive Schlee and his management team, while promoting the Pret brand and supporting Pret’s impressive culture for the next phase in the company’s growth with JAB.”

JAB has acquired many groups, including Dr Pepper Snapple (NYSE: DPS) in an $18.7 billion deal, in the past year.