Compass Group PLC
5 April 2004
Compass Group Acquires German Travel Concessions Business
5 April 2004
Compass Group's international concessions business, Select Service Partner, is
pleased to announce that it has reached agreement to acquire Mitropa AG for net
consideration of €17.6 million. The final price is subject to a completion
balance sheet. In 2003 Mitropa reported sales of approximately €115m and a small
operating loss.
Mitropa AG, acquired from Deutsche Bahn, operates concessions in over 60 railway
stations and 30 motorway service areas in Germany.
Michael J. Bailey, Chief Executive, Compass Group, said: 'The acquisition of
Mitropa represents an excellent strategic opportunity for Compass Group in a
very significant market. Mitropa will benefit from and complement our existing
expertise in UK rail concessions. In addition to the opportunity that Mitropa
will bring in Germany, it will also provide us with an excellent platform for
further organic growth in all channels of travel concession through out Central
Europe. Furthermore, we expect this deal to be value creating and drive return
on capital employed in the near term.'
ENDS
Enquiries:
Compass Group PLC
Sarah Ellis, Director of Investor Relations +44 (0)1932 573 000
Brunswick
Timothy Grey / Pamela Small +44 (0)20 7404 5959
Note:
Compass Group is the world's largest foodservice company with annual revenues in
excess of £11 billion. Compass Group has over 400,000 employees working in more
than 90 countries around the world. For more information, visit
www.compass-group.com
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