Compass Group PLC
6 March 2002
6th March 2002
Simultaneously with USA Release
COMPASS GROUP PLC ANNOUNCES THE ACQUISITION OF BON APPETIT
Compass Group PLC is delighted to announce its agreement to acquire
Bon Appetit Management Company, a foodservice company based in Palo Alto,
California. The consideration payable by Compass Group is $155.8m (£113.7m),
which will be paid in cash from banking facilities. This agreement has the
support of the Bon Appetit Board and is following agreement with Shidax, the
majority shareholder of Bon Appetit Management Company.
Bon Appetit serves more than 150 accounts in 185 locations across the United
States, employs 8,000 associates, and in its last financial year (year ended
26th August 2001) had annual sales of $279m with approximately 50% of its
clients in the education sector including Santa Clara University, California
and the American University in Washington DC.
Gary Green, Chief Executive Compass Group's North American Division, said, 'We
are delighted with this acquisition. Bon Appetit is highly regarded in our
industry and is an excellent fit for the Group - augmenting our existing
presence in the education and business and industry sectors.'
Fedele Bauccio, co-founder and CEO of Bon Appetit Management Company, said,
'We were looking for a company that understood the quality associated with Bon
Appetit, and one that would value our culture, our people, and our operating
style. I believe we found that with Compass Group. I would never have gone
with a company other than Compass Group.'
The transaction is expected to complete by the end of the month.
Ends
Enquiries:
Cathi Lawrence, Compass Group PLC +44/0 1932 573000
Tim Grey, Brunswick +44/0 207 396 7408
Note:
Compass Group is the world's largest foodservice company employing over
300,000 people in over 90 countries and with annual revenues in excess of
£9bn. Compass Group provides foodservice 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
This information is provided by RNS
The company news service from the London Stock Exchange
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