Compass Group PLC today announced that it has agreed to sell its specialist travel concession catering business, SSP and its UK motorway services business Moto, in a combined sale for an aggregate value of ?1,822m

($3.1bn).
The transaction has been structured as a combined sale of the SSP business, including Creative Host Services Inc in the USA, to companies controlled by EQT IV, and of the UK Moto business to a company controlled by Macquarie Bank.
Completion of the transaction is conditional upon, amongst other things, obtaining clearances from European Union and United States anti-trust authorities and on obtaining the approval of Compass Group shareholders.
EQT is one of Europe's leading private equity firms, specialising in acquiring and developing high-quality companies with strong market positions which have significant potential for growth. Macquarie Bank Ltd has a similarly enviable reputation as one of the world's leading providers of investment banking and financial services.Commenting on the sale SSP's Ceo Andrew Lynch said: ‘I am delighted that two of the world's leading investment companies have recognised the considerable potential in the SSP and Moto businesses.’
BACKGROUND:

1. In the combined sale, SSP and Moto will be sold by Compass Group for an aggregate consideration of ?1,822m on a debt and cash free basis, subject to certain closing adjustments.

2. Upon completion of its sale to EQT, SSP will operate in 26 countries. These are Belgium, Cambodia, China, Cyprus, Denmark, Egypt, Estonia, Finland, France, Germany (Mitropa AG), Greece, Hungary, Hong Kong SAR, Ireland, Jamaica, Netherlands, Norway, Poland, Russia, Singapore, Spain, Sweden, Switzerland, Thailand, United Kingdom and the USA (Creative Host Services).

3. Also included in the sale is Rail Gourmet, which has businesses in the UK and Belgium and operates joint ventures in Finland, Norway, China and also European cross border operations for Thalys and Eurostar.

4. SSP is a leading provider of food and beverage services in airports, railway stations, on-board trains and at motorway service areas worldwide. SSP has over 40 years of experience of serving the travelling customer, through a portfolio of international and national brands and tailor made concepts. www.ssp-intl.com

5. Moto is the largest operator of motorway service areas in the UK, operating in 43 locations across the country.

6. EQT is one of Europe's leading private equity firms, specialising in acquiring and developing high-quality companies with strong market positions which have significant potential for growth. www.eqt.se

7. Macquarie Bank Ltd is one of the world's leading providers of investment banking and financial services. www.macquarie.com.au
8. Compass Group PLC is the world's leading foodservice company providing food, vending and related services to clients and customers in the workplace, at school and colleges, hospitals, on the move, at leisure and in defence, offshore and remote locations. Compass Group has annual revenues of over ?12bn and employs 410,000 people in over 90 countries. www.compass-group.com