Multinational foodservice provider, Compass Group, to acquire Vermaat in a €1.5 billion transaction
In a strategic move to bolster its presence in the European food services market, Compass Group has announced the acquisition of Vermaat Groep B.V. for approximately €1.5 billion. This deal is expected to create a strong platform for expansion across Europe, marking a significant step change in Compass's core markets.
Vermaat, a premium food services company in Europe, is known for its tailored on-site food concepts, delivered-in solutions, and strong consumer-focused retail expertise. Over the last 15 years, the company has demonstrated impressive growth, delivering a compound annual growth rate (CAGR) of nearly 20%. By 2025, Vermaat is on track to generate around €700 million in sales with a double-digit operating margin, reflecting a robust and profitable business model.
The acquisition is expected to have a positive impact on Compass's margins and earnings per share from the first year. Vermaat is a market leader in the Netherlands with expanding operations in Germany and France, all among Compass’s top ten markets.
Nicolas Petitjean, Managing Director, Co-Head Private Equity Partnership Investments at Partners Group, expressed pride in Vermaat's growth into France and Germany, innovation with the Join Program, and leadership in sustainable hospitality. Olivier van Riet Paap, Partner at Bridgepoint and Head of Benelux, praised Vermaat's ambition, culture, and focus on quality. Partners Group is proud to have been part of Vermaat's journey and wishes continued success with Compass.
Dominic Blakemore, Group CEO of Compass, stated that the acquisition represents a step change in Compass's core markets. The Vermaat team will continue to operate independently while benefiting from support within Compass's larger network. Rick Zeelen, CEO of Vermaat, expressed commitment to executing the European growth strategy with the leadership team. Vermaat remains committed to its purpose: creating places where people feel at home and where hospitality is personal.
Financial outlook highlights include the deal's positive impact on Compass Group’s margins and earnings per share from the first year. Post-transaction, Compass anticipates a net debt to EBITDA leverage of about 1.5 times by the end of FY26, with plans to deleverage in FY27. The transaction is projected to deliver returns above Compass Group’s cost of capital in the medium term, enhancing long-term shareholder value.
In summary, the acquisition strategically expands Compass Group’s premium food service offerings and geographical footprint in Europe, supported by promising financial metrics and expected accretive value creation aligned with Compass’s long-term growth and profitability objectives. Vermaat looks forward to joining Compass and the journey ahead.
The acquisition of Vermaat Groep B.V., a premium food services company in Europe, by Compass Group is a strategic move that positions both entities at the forefront of the private equity industry within the European food services market. This deal, expected to create a strong platform for expansion, is an indication of Compass's commitment to growth and value creation in the finance business.
Given Vermaat's impressive growth over the past 15 years, its market leadership in the Netherlands, and expanding operations in Germany and France, the acquisition is expected to have a positive impact on Compass's margins and earnings per share from the first year. With its robust business model, Vermaat is projected to generate around €700 million in sales with a double-digit operating margin by 2025, further underscoring the strategic value of this acquisition for Compass.
