Thursday’s Wall Street Journal had a rare interview with the JAB executives. JAB is the centuries old London based family office and private equity firm that has gotten deep into the US consumer space, especially coffee, since 2012. The interview yields a number of helpful insights into the company and its philosophy with one especially important comment being that they see Nestle as their competition, not Starbucks. JAB is consumer focused, and “we are there to be able to deliver our product to consumers everywhere”. Although JAB holdings include Panera Bread, Peets, Caribou, Krispy Kreme and other breakfast and coffee restaurants and brands, their interests are far broader than just restaurants. Long thought to be interested in Dunkin’ Donuts, discussion took place, but they have never made the move to buy the brand.