Acquisition
Compass Group PLC
24 December 2001
Compass Group confirms agreement to acquire
Restorama and Rail Gourmet
and the acquisition of parts of Gourmet Nova
Compass Group today confirms that it has agreed to acquire Restorama AG and
Rail Gourmet Holding AG and their respective subsidiaries from SAirLines AG, a
subsidiary of Swissair's SAir Group. In addition, Compass Group confirms that
it has also acquired elements of Swissair's Gourmet Nova business, including
Gourmet Nova Finland OY, which operates an airport restaurant business at
Helsinki's Vantaa Airport. The total consideration payable for the businesses
to be acquired will be approximately CHF 96.8m (approximately £40.7m) subject
to certain adjustments, which will be paid in cash.
The acquisition of Restorama and Rail Gourmet is subject to certain conditions
precedent, including relevant anti-trust clearances, and has been approved by
the administrator of SAir Group and SAirLines AG and by the Swiss court
responsible for Swissair's composition proceedings.
Restorama provides foodservice for clients (mainly in the business and industry
sector) in various countries including Switzerland, Germany and Austria. Rail
Gourmet is a leading provider of quality on-board foodservice to customers
travelling by rail in Europe - with operations in Spain, Switzerland, UK,
Belgium and Scandinavia. Gourmet Nova provides foodservice at airport
restaurants, including at Helsinki's Vantaa Airport.
Michael J Bailey, Chief Executive, Compass Group, said: 'These acquisitions are
an excellent strategic move for the Group. Rail Gourmet, Restorama and Gourmet
Nova are businesses with strong reputations in their target markets, augmenting
the Group's existing business in these sectors. We are delighted to be able to
welcome the employees, clients and customers of these three organizations to
Compass Group.'
Ends
Enquiries:
Paul Kelly Compass Group PLC
Tel: 07876 444450
Timothy Grey/Charlotte Elston/ Simon Sporborg, Brunswick Group
Tel: 07974 982408/ 07974 982463/ 07974 982442
Notes to editors
1. Compass Group: Compass Group is the world's largest foodservice company
employing over 270,000 people in over 90 countries and with annual revenues
in excess of £9bn. Compass Group provides catering for clients including
major employers, educational establishments, hospitals, leisure venues,
retail locations and at major airports and stations throughout USA, Europe,
and developing markets in Asia and South America. It operates through sector-
specific subsidiaries such as Eurest, the world's largest specialist in
providing foodservice to business and industry clients, and Select Service
Partner, the European market leader in foodservice at airport restaurants
and rail stations. Further information on the Group can be found at
www.compass-group.com
2. Restorama: Restorama provides foodservice to a prestige client list in the
greater Zurich area and other parts of Switzerland which complements the
existing business profile of Compass Group in Switzerland. Restorama is also
active in Germany and Austria.
3. Rail Gourmet: Founded in 1994 and based in Switzerland, Rail Gourmet
provides food and drink to more than 1,100 trains a day in addition to
operating over 30 catering outlets at train stations in Finland and
Belgium. Rail Gourmet provides catering services to 18 of the leading train
operators in Europe - including AVE (Spain), GNER and Virgin in the UK,
Thalys International and SNCB in Belgium, DSB, VR and NSB in Scandinavia.
4. Gourmet Nova: Gourmet Nova operates an airport and railway station
restaurant business, including in Finland at Vantaa Airport in Helsinki.
5. Agreement with Swissair: Compass Group announced a non-binding memorandum of
understanding with Swissair in July 2001, which referred to a proposed
exchange of assets. Compass Group confirms that Eurest In-flight, which has
a strong presence in the charter airline catering market with particular
focus on Spain and Greece, continues to be a valued member of Compass Group.