Fazer to Sell Food Service Business to Compass Group For €475 Million
In line with its strategy of focusing on its fast-moving consumer goods and direct-to-consumer businesses, Fazer Group, the international family-owned food business, has agreed to sell Fazer Food Services, a food service provider in the Nordic region, to Compass Group for €475 million, subject to EU Commission competition approval. Fazer Food Services has a total of approximately 1,000 restaurants of which 500 are located in Finland, 230 in Sweden, 150 in Denmark and 120 in Norway. In addition, it has a production kitchen in Estonia.
“We see interesting growth opportunities in all of Fazer Group’s businesses – each with their specific investment requirements – and, therefore, we have decided to streamline the business portfolio to enable focus in capturing these opportunities. We are extremely pleased to have Compass Group PLC as a potential new owner for Fazer Food Services. Fazer Food Services can start a new phase in its journey with even stronger support to grow and further improve its business. Fazer Group will use the funds from the sale of Fazer Food Services to invest in Fazer Group’s growth strategy,” explains Christoph Vitzthum, president and chief executive of Fazer Group.
Compass Group is a leading global food service provider with revenues of around €26 billion. It operates in around 45 countries, employs 600,000 people and serves over 5.5 billion meals a year. The company specialises in providing food services across the core sectors of Business & Industry, Healthcare & Seniors, Education, Sports & Leisure and Defence, Offshore & Remote, with an established brand portfolio.
