Bridgepoint Group is set to divest its majority stake in Dutch catering firm Vermaat Groep to Compass Group in a deal valuing the business at approximately €1.5bn ($1.8bn), according to a report by Bloomberg.
The transaction marks a full exit for Bridgepoint alongside Partners Group Holding, which had maintained a minority stake following Bridgepoint’s 2019 investment.
Partners Group originally acquired Vermaat in 2015 before partially exiting to Bridgepoint. The deal, confirmed Tuesday following an earlier Bloomberg report, highlights the active secondary market dynamics.
Compass shares surged up to 8.9% on the London Stock Exchange – their largest intraday jump since May 2022 – reflecting market confidence in the acquisition. With a current market cap of around £44bn ($60bn), Compass is bolstering its presence in the European catering space.
The transaction comes amid a resurgence in private equity dealmaking after a quiet period, underscored by Bridgepoint’s recent announcement to acquire UK dental group MyDentist from Palamon Capital Partners.
Meanwhile, Partners Group last week agreed to sell a majority stake in Techem GmbH to a consortium led by its own infrastructure division, following regulatory challenges for a prior TPG-led bid.
Founded in 1978 as a delicatessen, Vermaat has expanded aggressively beyond its Dutch heartland, acquiring Paris-based caterer Serenest and Germany’s L&D, with over 25% of revenues now generated internationally across more than 700 locations.
Bridgepoint’s exit at triple that level exemplifies the value creation potential from navigating turbulent periods alongside operational growth, Chris Busby, Managing Partner of Bridgepoint Europe, says.
Compass, with origins tracing back to WWII factory canteens, provides food services across 30 countries, generating $42bn in revenue in fiscal 2024. The UK-based group expects the Vermaat acquisition to be margin accretive within its first full year of ownership.
The transaction remains subject to regulatory approval and consultation with Vermaat’s Works Council.
