Compass Group has completed a deal to purchase rival firm Fazer Food Services, the company has announced today.
The UK-based firm, whose North American division is based in North Carolina, purchased the Scandinavian company for a fee of 475 million euros ($537m).
Fazer is based in Finland and provides catering services across the Nordic countries, so the takeover should allow Compass to significantly strengthen its place in the Scandinavian market.
In a statement, Compass described the purchase as a “very attractive acquisition”.
It said: “The transaction is expected to achieve the company’s acquisition criteria of returns greater than the cost of capital by the end of year two.”
Fazer’s CEO, Christoph Vitzthum, said: “This is a great opportunity for both Fazer and Fazer Food Services, although the change is big and we miss our colleagues. The future offers interesting and inspiring opportunities for the staff of both companies.”
Currently, Compass operates in 50 countries throughout the world including the United States and Canada, offering foodservice to office workers, armed forces and school children.