Key Takeaways
- Sector: Consumer.
- Geography: Netherlands.
Analysis
Bridgepoint Group will divest its majority stake in Dutch catering company Vermaat Groep to Compass Group in a deal valued at approximately €1.5 billion ($1.8 billion), marking one of the largest European consumer services exits of the year.
The sale also includes Partners Group Holding, which retained a minority interest in Vermaat following Bridgepoint’s 2019 acquisition. Partners Group first invested in Vermaat in 2015 and partially exited four years later.
The transaction reflects increasing momentum in the secondary private equity market, where GPs and LPs are actively reshuffling portfolios amid shifting capital dynamics. It also reinforces Bridgepoint’s exit strategy after recently announcing its acquisition of UK-based MyDentist from Palamon Capital.
Compass Group, with a current market capitalization of nearly £44 billion ($60 billion), saw its shares surge as much as 8.9% on the London Stock Exchange following the announcement—its biggest intraday jump since May 2022.
Founded in 1978 as a Dutch delicatessen, Vermaat has grown into a premium food services business operating across more than 700 locations. Its international growth includes the acquisitions of France’s Serenest and Germany’s L&D, with over 25% of its revenue now generated outside the Netherlands.
Chris Busby, Managing Partner at Bridgepoint Europe, noted that the exit—at roughly triple the 2019 valuation—demonstrates the firm’s ability to generate returns even amid volatile macroeconomic conditions.
Compass Group, which provides contract food services across 30 countries, generated $42 billion in fiscal 2024 revenue. The company said the Vermaat deal will be margin accretive within its first full year and aligns with its strategy of expanding in high-growth markets such as premium hospitality and retail catering.
The deal is subject to regulatory approvals and consultation with Vermaat’s Works Council in the Netherlands. Completion is expected later in 2025.