{"text":[[{"start":14.18,"text":"Struggling investment group JAB Holdings booked a $6bn gain in 2025 from the disposal of its stake in coffee giant JDE Peet’s, offsetting steep losses elsewhere in its troubled food and drinks portfolio. "}],[{"start":29.67,"text":"The proceeds from the sale of its stake in JDE Peet’s outweighed sharp declines in the value of its investments in struggling beauty group Coty and doughnut maker Krispy Kreme, whose share prices fell 45 and 35 per cent respectively in 2025. "}],[{"start":47.3,"text":"JAB, which manages the wealth of the secretive billionaire Reimann family, has overhauled its investment strategy to focus on insurance after shifting consumer tastes and inflationary pressure decimated its coffee and sandwich-heavy portfolio. "}],[{"start":65.38,"text":"In 2024 the firm reported a $10bn loss from its consumer assets, which also include Pret A Manger, Panera Bread, Bagel Brands and Caribou Coffee."}],[{"start":77.58,"text":"The group bought up a string of insurers over the past few years, and plans to plough the proceeds from the consumer sector exits into the higher-growth insurance sector, which makes up more than 40 per cent of the portfolio. "}],[{"start":92.47,"text":"In 2025 JAB swung back to a profit of $810mn thanks in part to the sale of JDE Peet’s, in which it held a 68 per cent stake, to American fizzy drinks giant Keurig Dr Pepper, in which it also holds a stake, for €15.7bn. "}],[{"start":113.45,"text":"The value of the firm’s investments in its various subsidiaries was $38.2bn last year. Net debt stood at $10.5bn, which the company said would fall to $2bn on exit from JDE Peet’s."}],[{"start":130.19,"text":"KDP acquired JDE Peet’s for €31.85 per share, a 33 per cent premium to its 90-day average share price, creating a beverage behemoth in which JAB will retain a 5 per cent stake. "}],[{"start":146.73,"text":"JDE Peet’s shares had risen more than 90 per cent in the year before the deal was announced in August, after JAB installed a new management team that cut costs and pushed through price increases to offset coffee inflation."}],[{"start":162.26999999999998,"text":"However in the two months following the transaction, KDP’s shares fell 30 per cent, wiping $10bn from its market capitalisation as investors questioned the merits of an acquisition that will lumber the soda maker with a heavy debt load."}],[{"start":179.76999999999998,"text":"“The cash proceeds from the planned sale of JDE Peet’s to KDP . . . will materially deleverage JAB,” the company said in its annual report, adding that “medium-term” IPOs of its private portfolio would boost its liquidity. "}],[{"start":196.01999999999998,"text":"JAB plans to float Panera Bread, Pret A Manger and its pet health business National Veterinary Associates (NVA) but has no timeline currently in place. "}],[{"start":217.44,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776057555_8734.mp3"}