Compass Group has announced its agreement to acquire Bon Appetit Management Company, a foodservice company based in Palo Alto, California.
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The consideration payable by Compass Group is US$155.8m, which will be paid in cash from banking facilities. This agreement has the support of the Bon Appetit Board and is following agreement with Shidax Corporation, the majority shareholder of Bon Appetit Management Company.
Bon Appetit serves more than 150 accounts in 185 locations across the US, employs 8,000 associates, and in its last financial year (year ended 26 August 2001) had annual sales of US$279m with approximately 50% of its clients in the education sector. The transaction is expected to complete by the end of the month.
