Compass Group acquires Vermaat

Name of the deal: Compass Group acquires Vermaat
Date announced and/or closed: 22 July 2025 (announced) – closing is expected in December, pending regulatory clearance, as Vermaat is the largest caterer in the Netherlands and requires authority approval from competition perspective
Published value: €1.5bn
Buyer(s): Compass Group
Target: Vermaat
Seller: Bridgepoint (majority), Partners Group (minority)

Involved firms and advisors
Involved firms and advisors buy side:
PwC – People DD  Freshfields – Legal Advisory   PwC – Financial DD  PwC – Tax Advisory

Involved firms and advisors target:
KMPG – People DD  KMPG – Financial DD  Meijburg & Co – Tax Advisory   KPMG – Tech DDD

Involved firms and advisors sell side:
Rothschild & Co, Goldman Sachs – M&A Advisory  Clifford Chance – Legal Advisory  KPMG – Tax Advisory

Pitch

Brief description deal / Deal outline
Compass Group, the global leading provider of outsourced catering solutions, has acquired Vermaat, the leading premium caterer in The Netherlands with an expanding footprint in Germany and France

Why should this deal win the Award for Best Deal 2025?
About Compass Group
Compass Group is a UK-based global leader in food and support services, operating in over 40 countries. The company serves clients across sectors such as business & industry, healthcare, education, and sports & leisure. Known for its scale, operational excellence, and sustainability focus, Compass delivers more than five billion meals annually and is listed on the London Stock Exchange (FTSE 100).

About Vermaat Groep
Vermaat is a Dutch premium catering and hospitality company, founded in 1978. It operates restaurants, company catering, and hospitality concepts in sectors such as corporate, healthcare, leisure, and museums. With a focus on high-quality, locally sourced, and sustainable food experiences, Vermaat has expanded beyond the Netherlands into countries including Germany and France.

Vermaat has established itself as the undisputed leader in premium outsourced catering solutions in the Netherlands. With a commanding market position and margins superior to any of its competitors, the company has become synonymous with high-quality food service across an impressive range of segments. Within the corporate world, Vermaat serves many of the country’s most prominent workplaces, while its influence extends well beyond office buildings. In the leisure sector, Vermaat’s presence can be experienced at cultural landmarks such as the Rijksmuseum. In the event space, the company manages catering at large-scale occasions including the Formula 1 Grand Prix at Zandvoort and the KLM Open golf tournament. Travel hubs represent another major area of activity, with Vermaat operating in numerous locations at Amsterdam Schiphol Airport, including prestigious settings such as the KLM and Privium lounges. In addition, the group provides services to hospitals and healthcare institutions, ensuring patients, staff, and visitors have access to fresh and well-prepared food. On the branded concept side, Vermaat operates La Place and Stach, two widely recognized Dutch names. More recently, the group launched the Join Program, a digital platform where meals are prepared from central kitchens and delivered directly to employees or workplaces based on orders placed through an app. This concept has quickly gained traction and is a strong example of how Vermaat combines tradition with innovation. Whether you are aware of it or not, chances are high that if you live or travel in the Netherlands, you have eaten or drunk something in a canteen or outlet operated by Vermaat.

The company’s ownership journey also tells a compelling story. Bridgepoint acquired Vermaat in 2019, shortly before the COVID-19 pandemic disrupted the global catering industry. Like many others in the sector, Vermaat faced a sharp decline during this period, with revenues falling by around 40% due to the temporary closure of a large number of corporate canteens and public locations. Despite these challenges, Bridgepoint supported management in navigating the crisis and later guided the company into a new phase of expansion. Under Bridgepoint’s ownership, Vermaat broadened its geographical footprint beyond the Netherlands. Through key acquisitions such as Serenest in France and L&D and Koch in Germany, the group successfully entered two of Europe’s largest catering markets. By implementing well-structured synergy plans, Vermaat was able to integrate these acquisitions effectively and build the foundation for its emergence as a leading international caterer. What stands out about Vermaat, however, is not only its scale but also its culture. Despite being a significant company in terms of size and reach, Vermaat’s management and employees maintain the Dutch “nuchterheid” – a grounded, pragmatic mindset – while being highly service-oriented. This balance of professionalism and humility has been instrumental in its success.

Rick Zeelen, CEO of Vermaat, said: “Bridgepoint has supported us through one of the most challenging and defining periods in Vermaat’s history during Covid. From navigating lockdowns to accelerating our international ambitions, they have been true partners.”

Olivier van Riet Paap, Partner at Bridgepoint and Head of Benelux, said: “Vermaat represents everything we look for in a partner – an ambitious team, a strong and distinctive culture, and a relentless focus on quality. This is a world-class business that not only weathered the pandemic but came out stronger – growing internationally into France and Germany, innovating with Join Program, and leading the way in sustainable hospitality.”

The next chapter in Vermaat’s growth story comes with its acquisition by Compass Group, the United Kingdom-based global catering leader with a market capitalisation exceeding €45 billion. Compass trades at a premium valuation, but even so, it was willing to pay above its own trading multiples for Vermaat. The rationale was clear: this was Compass’s one chance to acquire the largest premium catering operator in the Netherlands, a competitor with dominant market share, industry-leading margins, and an unmatched service proposition. Beyond the strong fundamentals, Compass also recognised the enormous synergy potential available by combining Vermaat’s premium positioning and deep local relationships with its own global scale. For Compass, this was not just a strategic acquisition but a rare opportunity to strengthen its European platform with a best-in-class operator.

From the perspective of Bridgepoint, the deal marks an important milestone. It is the first exit completed by Bridgepoint’s Amsterdam office and represents a premium valuation for a highly visible and reputable company. Such an outcome would have been difficult to achieve had the buyer been another financial sponsor rather than a strategic player like Compass. The fact that Compass management holds Vermaat’s leadership team in high regard provides confidence that the company’s growth trajectory will continue under new ownership. For Vermaat itself, the transition offers new resources, broader networks, and global expertise while preserving its strong local heritage.

The arc of Vermaat’s story is nothing short of remarkable. From its beginnings in 1978 as a single delicatessen store in Utrecht founded by Kees Vermaat, the company has grown steadily, backed first by Partners Group in 2015, then by Bridgepoint in 2019, and now as a €1.5 billion transaction to Compass, the world’s largest caterer. It is a textbook example of a growth journey: a local family-owned business developing into a major international player while retaining its commitment to quality, service, and authenticity. The sale to Compass is not the end of the story but the continuation of Vermaat’s evolution on an even larger stage, cementing its place among the most respected names in global food service.

What is the impact of this deal for the company?
This strategic acquisition creates a strong platform for Compass Group’s expansion across Europe, bringing together two highly complementary businesses with similar cultures, values, and priorities. The partnership combines Compass’ global scale and operational excellence with Vermaat’s premium positioning and deep local expertise in the Netherlands and beyond.

Dominic Blakemore, Group CEO of Compass Group, said that Vermaat is a best-in-class food services business that will significantly strengthen Compass Group’s premium offer across Europe and provide exceptional leadership talent. According to him, this strategic acquisition represents a step change in Compass’ core markets by creating a strong foundation for growth across the continent.

Rick Zeelen, CEO of Vermaat, added that Compass and Vermaat share the same culture and priorities, and that the leadership team remains fully committed to executing its European growth strategy. Together, subject to regulatory approval, they aim to offer clients an even more compelling proposition in a highly attractive growth market, accelerating their premium offering in Europe.

The acquisition is expected to deliver returns ahead of Compass’ cost of capital in the medium term, reflecting the high-quality nature and strong growth profile of Vermaat’s business. In the first full year of ownership, the deal is anticipated to be margin and EPS accretive to Compass Group. Post-completion, Compass expects its net debt to EBITDA ratio to be around 1.5x by the end of FY26, before deleveraging in FY27.

The transaction creates value in two ways. First, there is considerable synergy potential through enhanced procurement, cross-selling of food concepts, and back-office efficiencies, all of which will strengthen Vermaat’s margins and competitive position. Second, Vermaat will continue to operate under its own brand, maintaining its focus on serving local clients with tailor-made, high-quality food experiences.

Together, Compass and Vermaat are well positioned to accelerate their premium offering across Europe, leveraging shared values, complementary strengths, and a joint ambition to lead in sustainable, innovative, and customer-focused food services.

What is the impact of this deal for the direct stakeholders?
Bridgepoint will be pleased with the outcome, viewing it as a fitting reward for the effort invested, particularly in steering Vermaat through the difficult Covid years and driving successful international expansion.    Vermaat’s management team will roll over their investment and take on new roles within Compass Group, the world’s leading caterer. For Vermaat, the acquisition opens the door to further growth and long-term stability.

Customers will also stand to benefit: by drawing on Compass’s expertise and integrating effectively, Vermaat will be able to enhance its service offering, introduce fresh food concepts, and deliver them at more competitive cost levels. Clients will benefit from Compass’s global know-how and innovation power, particularly in areas such as digital solutions, sustainability, and product development.

What is the impact of this deal on society?
Over the past years, Vermaat has professionalised its operations, strengthened its leadership team, and invested heavily in digital capabilities. Under Bridgepoint’s ownership, the company implemented a clear ESG roadmap through its Food Vision 2027 programme, focused on reducing food waste, offering more plant-based options, and sourcing locally with responsible packaging. These initiatives have positioned Vermaat as a frontrunner in sustainable catering within Europe.

Vermaat is by a considerable margin the largest caterer in the Netherlands, with a strong presence across major corporate clients and cultural landmarks. Under the Compass umbrella, the company will be able to enhance its offering further, bringing benefits to its many end-customers not only in the Netherlands but also in Germany and France.

The acquisition extends beyond business strategy and has a positive societal impact. It provides long-term stability for Vermaat’s employees, with Compass committing to maintain the brand, leadership team, and workforce. Being part of a global group also opens opportunities for staff development, training, and international mobility.

From a sustainability perspective, both companies share strong environmental ambitions focused on waste reduction, plant-based innovation, and local sourcing. Compass’s global scale and supply chain leverage will enable Vermaat to accelerate these initiatives and raise sustainability standards across its European operations, benefiting consumers, suppliers, and communities alike.

What was most complex about this deal?
The complexity of this transaction stemmed from its size, cross-border nature, and the number of stakeholders involved. Vermaat’s expanding European footprint, combined with multiple selling shareholders and a strategic acquirer of global scale, required extensive coordination, precise communication, and efficient management of parallel workstreams under tight timelines, including the exclusivity period granted to the buyer.

This was a sale by financial investors to a strategic buyer, which required tailored advice from Clifford Chance to align deal certainty, limited recourse terms, and the expectations of both the selling shareholders and the company.

Regulatory considerations played a central role due to the overlap between Vermaat and Compass across markets, requiring careful preparation, competition assessments, and engagement with authorities to secure approvals. Maintaining strict confidentiality was also essential: preparations began as early as September 2024, and despite the large number of parties involved, the sale process was executed discreetly and efficiently.

Finally, managing the buyer landscape was critical. Compass, with its market capitalisation exceeding €45 billion, clearly had the capacity to pay a premium. However, maintaining competitive tension throughout the process ensured continued engagement and drove Compass to deliver the premium valuation achieved for Vermaat, an outcome that exemplifies careful strategic execution and negotiation discipline.