Latest news with #foodservices
CTV News
3 hours ago
- CTV News
Spike in restaurant arsons sparks concern
Winnipeg Watch Shaun Jeffrey from the Manitoba Restaurant and Foodservices Association weighs in on the rise in suspicious fires and what's behind the troubling trend.
Yahoo
a day ago
- Business
- Yahoo
Compass Group to acquire Vermaat from Bridgepoint
Compass Group has agreed to purchase Dutch food services company Vermaat Groep for an enterprise value of €1.5bn ($1.74bn) from private equity company Bridgepoint. Bridgepoint will completely divest its stake, alongside Partners Group, which initially invested in Vermaat in 2015 and retained a minority interest following Bridgepoint's investment in 2019. Founded in 1978 as a delicatessen, Vermaat has evolved into a key player in the Dutch food services sector. The company began its partnership with Bridgepoint in 2019. Compass describes Vermaat as a 'high-performing' multi-sector platform that presents a 'unique opportunity' for sustainable growth within Europe. Vermaat holds a leading position in the Netherlands and is expanding its footprint in Germany and France, both of which are among Compass Group's top ten markets. The company has achieved a compound annual growth rate close to 20% since 2010, alongside good profit margins. Vermaat is projected to generate sales of €700m with a double-digit operating margin by 2025. The acquisition is anticipated to enhance Compass Group's margins and earnings per share in the first full year of ownership. Upon completion of the deal, Compass expects its post-acquisition leverage to be approximately 1.5 times net debt to earnings before interest, taxation, depreciation and amortisation by the end of FY26, prior to a reduction in FY27. This transaction is pending regulatory approval and consultation with the Vermaat Works Council. Compass Group CEO Dominic Blakemore stated: " Vermaat is a best-in-class food services business which will significantly strengthen Compass Group's premium offer across Europe and will provide us with exceptional leadership talent.' The management team of Vermaat will join Compass Group upon completion of the transaction and will continue to operate the business on a standalone basis. Vermaat CEO Rick Zeelen stated: "Compass and Vermaat are highly complementary businesses with similar cultures and priorities. The leadership team remains fully committed to executing its European growth strategy. 'Together, subject to regulatory approval, we will be able to provide clients with an even more compelling proposition in a highly attractive growth market, accelerating our premium offering in Europe. We look forward to joining Compass and the exciting journey ahead." In 2024, Compass Group UK & Ireland's Compass One division announced the purchase of Peabodys Coffee, a provider of food and beverages within healthcare environments. "Compass Group to acquire Vermaat from Bridgepoint" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
a day ago
- Business
- The Independent
Compass takes further slice of European catering market with £1.3bn takeover
Global catering group Compass has struck its biggest ever deal after agreeing to buy a European upmarket food firm for around 1.5 billion euros (£1.3 billion). Compass – which provides food services to millions of people every day, including in schools and universities, businesses and for events – is buying Vermaat, which is expected to make sales of around 700 million euros (£608 million) this year. Vermaat, which has its headquarters in the Netherlands, offers premium food services in offices, healthcare sites and venues, such as museums and art galleries, in the Netherlands, France and Germany. The deal was unveiled as Compass, which is the world's biggest catering group, also upped its annual outlook, with expectations now for underlying earnings to grow by 'towards' 11%, up from an earlier forecast for a high single-digit increase, driven by sales growth of more than 8%, not including the boost from acquisitions. Shares in Compass lifted 5% in midday trading on Tuesday. Dominic Blakemore, group chief executive of Compass, said the takeover of Vermaat was a 'landmark acquisition'. He said: 'Vermaat is a best-in-class food services business which will significantly strengthen Compass Group's premium offer across Europe and will provide us with exceptional leadership talent. 'This strategic acquisition represents a step change in our core markets by creating a strong platform for expansion across Europe.' Compass hopes the deal will help it take a further slice of the food services business across Europe, which is estimated to be worth at least 115 billion euros (£99.8 billion). Vermaat serves more than 200,000 people with food every day across more than 700 locations. The latest trading update from Compass also showed that revenues rose 8.6% in its third quarter to the end of June.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Compass Group to Buy Dutch Caterer Vermaat; Raises Guidance
Compass Group CPG 0.40%increase; green up pointing triangle said it agreed to buy Dutch food services company Vermaat Groep for around 1.5 billion euros ($1.75 billion) including debt, and lifted its guidance for the fiscal year. The U.K. catering contractor on Tuesday said Vermaat is on track to generate sales of around 700 million euros in 2025, with a double-digit operating margin.
CTV News
14-07-2025
- Business
- CTV News
Union says dozens of jobs lost as NSCC switches to single food services partner
The cafeteria in the NSCC Sydney Waterfront Campus is seen. (CTV Atlantic/Ryan MacDonald) The Nova Scotia Government and General Employees Union (NSGEU) says nearly 30 long-term food service employees have lost their jobs due to Nova Scotia Community College (NSCC) switching to a single, provincewide partner. Last week NSCC announced it would be partnering with Aramark Canada Ltd. to deliver on-campus food services. The college said this decision will impact workers at eight locations. 'Until now, food services at campuses have been offered through a combination of third-party services and NSCC-operated cafeterias and cafes,' a news release from the college says. 'This model is not financially sustainable. Profits at some locations did not offset ongoing losses at others. The College cannot continue to absorb these annual losses. 'By working with a single, province-wide food services partner, NSCC will continue to provide access to food at every campus, according to the level and nature of activity at that location.' NSGEU says this partner switch will result in 27 longtime employees losing their jobs along with their pensions and benefits. The union also claims NSCC did not conduct an open bidding process for a new contract. 'This is a blow to our members, many who have dedicated years of service to the NSCC and its students,' said Sandra Mullen, president of the NSGEU, in a news release. 'These are good, public-sector jobs that are being eliminated, and replaced by positions with no pension, severely reduced benefits, and less favorable sick time and vacation provisions.' NSCC said all employees were given severance and the opportunity to potentially work with the new partner. The college also said it could no longer continue with the previous food service model, citing unsustainable 'annual six-figure losses.' 'By moving forward with this new model, we have a financially-sustainable approach for providing food services at campuses while ensuring our resources are focused on delivering exceptional learning opportunities,' the college said. In an open letter to Premier Tim Houston, Danny Cavanagh, president of the Nova Scotia Federation of Labour, called on the province to cancel the Aramark contract and rehire the 27 workers. 'Yes, the new jobs might still be offered to Nova Scotians, but let's be clear: these are not the same jobs. They're often low-wage, contract positions with fewer benefits and no pensions,' the letter reads. 'That means less money staying in our communities and more profit leaving the province. 'Union jobs are different. They create stability. They keep families here. They grow our local economy. Union wages get spent in local businesses, supporting the shops and services that make up our communities. These jobs build a stronger Nova Scotia.' For more Nova Scotia news, visit our dedicated provincial page
