GERMANY. Compass Group’s international concessions business, Select Service Partner (SSP) has reached agreement to acquire Mitropa for a net consideration of €17.6 million.
The final price is subject to a completion balance sheet. In 2003 Mitropa reported sales of approximately €115m and a small operating loss.
Mitropa AG, acquired from the national railway company Deutsche Bahn, operates food & beverage concessions in over 60 railway stations and 30 motorway service areas in Germany.
Compass Group CEO Michael Bailey said: “The acquisition of Mitropa represents an excellent strategic opportunity for Compass Group in a very significant market. Mitropa will benefit from and complement our existing expertise in UK rail concessions.
“In addition to the opportunity that Mitropa will bring in Germany, it will also provide us with an excellent platform for further organic growth in all channels of travel concession throughout Central Europe. Furthermore, we expect this deal to be value creating and drive return on capital employed in the near term.”
RECENT COMPASS GROUP STORIES
Transavia restructures with Compass inflight division – 30 March 2004
Compass to provide railway catering in China – 9 March 2004
Compass Group notifies intention to buy Mitropa – 3 March 2004
Compass inflight and rail divisions operate with gusto – 26 February 2004
Compass to acquire Creative Host Services – 19 February 2004
