Catering giant Compass Group has announced that it's set to buy CH&Co, the catering company for Kew Gardens and the Royal Opera House, in a deal worth £475 million.
The world's largest food services firm confirmed on Monday that it has "signed an agreement" to take control of its private equity-backed rival. CH&Co earns about £450 million in annual revenue, serving sectors such as business, sport, leisure, education, and culture.
If given regulatory approval, this deal will see around 10,000 CH&Co employees join the Compass Group. Dominic Blakemore, group chief executive of Compass, praised CH&Co, saying: "CH&CO is a highly regarded food service business in our industry."
The CEO added: "This proposed acquisition combines the best of the two companies: our shared passion for people, great food, and focus on sustainability. With CH&Co's strong brand identity and a broad geographic reach, we would be able to further enhance our customer proposition, helping us capitalise on the significant growth potential in the market."
Compass plans to incorporate CH&Co's portfolio of companies, including Gather & Gather, Vacherin and Company of Cooks, into its own brand family. CH&Co's chief executive Bill Toner expressed his delight about the arrangement, stating: "We're delighted that Compass wants to acquire CH&Co."
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He added: "The prospect of joining a leading global provider of food services offers huge potential for us and our clients. Creativity and innovation are skills that we share with Compass and food is at the heart of everything we do."
"Both businesses have strong and complementary brands, and, subject to regulatory approval, there is a great opportunity for us to learn from each other and to build an even more exciting future together."
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