News on 13 February 2001
Compass has offered Selecta £374m to buy the remaining
two-thirds of its food vending business. The group already owns a 33.3%
stake in the Swiss company.
Selecta is the largest Europe-wide vending business, with an annual
turnover of £343m and contracts in 15 countries across Europe.
Compass has a host of international foodservice and vending clients,
and its Canteen Vending subsidiary is number one in the North American
market.
This Schneider, chief executive of Selecta, said: “I am pleased
with the terms of the recommended cash offer and I am excited by the
prospects of combining Compass Group and Selecta. The two businesses
are highly complementary, both in their service offering and geographic
spread.”
Michael Bailey, chief executive of Compass, said: "The acquisition
of the remaining 67% of Selecta is an excellent strategic step. Together
we see good business opportunities and purchasing synergies, and we
believe that this move will provide a strong platform for the further
consolidation of the European foodservice and vending market.”
Jessica Jarlvi
