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JAB’s not like other conglomerates. It’s essentially a family office, managing the permanent capital of Germany’s billionaire and intensely private Reimann family. (Some $33b of the group’s total assets are attributed to them.) The pivot will certainly be a challenge. Although JAB has some exposure to the insurance business already — namely, through a stable of pet insurance companies — it’s limited.
Joachim Creus, who replaced Olivier Goudet as chief executive in November, said: “We believe that this is for us fundamentally a much better fit because we are long-term patient capital, where private equity, by definition, they are thinking five, six, seven years, and that doesn’t really fit with the insurance idea.”
https://www.ft.com/content/77c2d214-9761-4466-98ab-0984713e596c
