Acquisition

RNS Number : 6249L

Compass Group PLC

03 August 2011

Compass Group Agrees to Acquire Obasan in Turkey

Following the acquisition of the remaining 50% of SOFRA, its joint venture in Turkey, in July 2011, Compass Group is pleased to announce that it has agreed to acquire the entire issued share capital of Obasan Gıda İnşaat Sanayi ve Ticaret Anonim Şirketi ("Obasan") from Ömer Faruk Aslanoba, Fatih Aslanoba, Ferruh Aslanoba, Zehra Aslanoba and Emre Aslanoba.

Obasan is the leading provider of delivered meals to businesses within Turkey in and around Bursa and Istanbul. For the year ended 31 December 2010, it generated revenues of 89.7 million Turkish Lira (c.£34.8m). The gross assets acquired amount to 24.6 million Turkish Lira (c.£9.6m) as at 31 December 2010.

The completion of the transaction is conditional on a number of matters including clearance by the board of the competition authority of the Republic of Turkey.

Compass Group Chief Executive Richard Cousins said "Obasan is a great addition to our existing business in Turkey and it will bring significant expertise in providing delivered meals to offices. This will enable us to service more organisations that don't have the required catering facilities on-site and expands our offering to customers in this exciting growth market."

About Compass Turkey

Compass provides food and support services to many of the largest companies, schools, universities and hospitals in Turkey and employs 14,000 people. Compass completed the acquisition of the remaining 50% of SOFRA, its joint venture in Turkey, on 13 July 2011.

About Compass Group

Compass Group is a world leading food and support services company, which generated annual revenues of over £14.5 billion in the year to 30 September 2010. The company specialises in providing food and a range of support services across the core sectors of Business & Industry, Defence, Offshore & Remote Site, Healthcare, Education, Sports & Leisure and Vending with an established brand portfolio. For more information, please visit www.compass-group.com.

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