Compass to buy Fazer Food Services for €475M

Tuesday, 11. June 2019 10:18

Compass Group plc announced on Tuesday it has reached an agreement with Fazer Group to acquire its subsidiary Fazer Food Services for an enterprise value of approximately €475 million.

Fazer, whose gross asset value is €289.6 million, generated a turnover of €593.0 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of €39.8 million. The British food service company stated the purchase will be financed using cash and existing credit facilities.

"Fazer Food Services is a highly regarded food service business in the Nordic region, and like Compass, is focused on high-quality food, culinary innovation, sustainability, and great customer service. I am excited that, together with our existing colleagues in the region, we will be able to further enhance our customer proposition in the Nordic market," Compass CEO Dominic Blakemore said in the press release.

Related Links: Compass Group plc
Author:
Breaking the News / MD