Compass Group has agreed to acquire Vermaat Groep B.V. for approximately €1.5 billion. Vermaat is a premium food services company in Europe, recognized for its customized on-site food concepts and robust retail expertise. As a market leader in the Netherlands with expanding operations in Germany and France, Vermaat offers Compass a unique opportunity for sustainable growth in Europe.
Vermaat has maintained a nearly 20% compound annual growth rate over the last 15 years and boasts industry-leading profit margins. It is projected to generate around €700 million in sales with a double-digit operating margin by 2025.
Compass aims to leverage this acquisition to enhance its growth in Europe, a market valued at over €115 billion. The Vermaat team will continue to operate independently while benefiting from support within Compass’s larger network.
The acquisition is expected to have a positive impact on Compass’s margins and earnings per share in the first year. Following completion, Compass plans to achieve post-acquisition leverage of approximately 1.5 times net debt to EBITDA by the end of FY26, with plans for deleveraging in FY27. Overall, this strategic move is expected to deliver returns above the Group’s cost of capital in the medium term, contributing to long-term shareholder value.
KEY QUOTES:
“We are proud to announce this landmark acquisition. Vermaat is a best-in-class food services business which will significantly strengthen Compass Group’s premium offer across Europe and will provide us with exceptional leadership talent. This strategic acquisition represents a step change in our core markets by creating a strong platform for expansion across Europe”.
Dominic Blakemore, Group CEO of Compass
“Compass and Vermaat are highly complementary businesses with similar cultures and priorities. The leadership team remains fully committed to executing its European growth strategy. Together, subject to regulatory approval, we will be able to provide clients with an even more compelling proposition in a highly attractive growth market, accelerating our premium offering in Europe. We look forward to joining Compass and the exciting journey ahead.”
“Bridgepoint has supported us through one of the most challenging and defining periods in Vermaat’s history during Covid. From navigating lockdowns to accelerating our international ambitions, they have been true partners. As we begin our next chapter with Compass, we remain committed to our purpose: creating places where people feel at home and where hospitality is personal.”
Rick Zeelen, CEO of Vermaat
“Vermaat represents everything we look for in a partner – an ambitious team, a strong and distinctive culture, and a relentless focus on quality. This is a world-class business that not only weathered the pandemic but came out stronger – growing internationally into France and Germany, innovating with Join Program, and leading the way in sustainable hospitality. We’re proud of what we’ve built together and look forward to seeing Vermaat continue its journey with Compass.”
Olivier van Riet Paap, Partner at Bridgepoint and Head of Benelux
“Vermaat is a strong example of our transformational investing approach. Since 2015, we’ve supported the Company in scaling operations, driving digital innovation, and advancing sustainability, all while preserving its unique culture. We’re proud to have been part of this journey and thank Rick and the team for their partnership. We wish them continued success with Compass.”
Nicolas Petitjean, Managing Director, Co-Head Private Equity Partnership Investments, Partners Group
