Latest news with #Bridgepoint
Yahoo
a day ago
- Business
- Yahoo
Compass Group to acquire Vermaat from Bridgepoint
Compass Group has agreed to purchase Dutch food services company Vermaat Groep for an enterprise value of €1.5bn ($1.74bn) from private equity company Bridgepoint. Bridgepoint will completely divest its stake, alongside Partners Group, which initially invested in Vermaat in 2015 and retained a minority interest following Bridgepoint's investment in 2019. Founded in 1978 as a delicatessen, Vermaat has evolved into a key player in the Dutch food services sector. The company began its partnership with Bridgepoint in 2019. Compass describes Vermaat as a 'high-performing' multi-sector platform that presents a 'unique opportunity' for sustainable growth within Europe. Vermaat holds a leading position in the Netherlands and is expanding its footprint in Germany and France, both of which are among Compass Group's top ten markets. The company has achieved a compound annual growth rate close to 20% since 2010, alongside good profit margins. Vermaat is projected to generate sales of €700m with a double-digit operating margin by 2025. The acquisition is anticipated to enhance Compass Group's margins and earnings per share in the first full year of ownership. Upon completion of the deal, Compass expects its post-acquisition leverage to be approximately 1.5 times net debt to earnings before interest, taxation, depreciation and amortisation by the end of FY26, prior to a reduction in FY27. This transaction is pending regulatory approval and consultation with the Vermaat Works Council. Compass Group CEO Dominic Blakemore stated: " Vermaat is a best-in-class food services business which will significantly strengthen Compass Group's premium offer across Europe and will provide us with exceptional leadership talent.' The management team of Vermaat will join Compass Group upon completion of the transaction and will continue to operate the business on a standalone basis. Vermaat CEO Rick Zeelen stated: "Compass and Vermaat are highly complementary businesses with similar cultures and priorities. The leadership team remains fully committed to executing its European growth strategy. 'Together, subject to regulatory approval, we will be able to provide clients with an even more compelling proposition in a highly attractive growth market, accelerating our premium offering in Europe. We look forward to joining Compass and the exciting journey ahead." In 2024, Compass Group UK & Ireland's Compass One division announced the purchase of Peabodys Coffee, a provider of food and beverages within healthcare environments. "Compass Group to acquire Vermaat from Bridgepoint" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 days ago
- Business
- Bloomberg
Bridgepoint Said to Sell Vermaat to Compass in €1.5 Billion Deal
Bridgepoint Group Plc is selling a majority stake in Vermaat Groep BV to Compass Group Plc in a transaction that values the Dutch caterer at about €1.5 billion ($1.8 billion), according to people familiar with the matter. Bridgepoint will fully exit its holding through the deal, the people said, who asked not to be identified as the information is private.
Times
5 days ago
- Business
- Times
Bridgepoint returns £2.6bn to investors
The owner of Burger King UK has shrugged off reports of indigestion in parts of the private equity industry, saying it was confident of 'a strong pipeline' of planned exits over the next 18 months. Bridgepoint returned €2.6 billion to fundholders by successfully crystallising investments in private companies in the first half and expects to achieve 'multiple exits' in the second half and in 2026, it said. Alongside Burger King's master franchise for Britain, Bridgepoint's investments also include a cruise holidays booking platform and Cambridge Education Group, the private schools operator. Outside the UK, its assets include Rovensa, a Spanish agricultural biotech business, and Vermaat, the Dutch restaurants and catering group. Bridgepoint reports results in sterling, assets in dollars and some fundraisings in euros. It posted a 39 per cent fall in pro forma pre-tax profits to £60.6 million in the first six months of 2025, after adjusting for the £835 million acquisition of the energy infrastructure fund manager Energy Capital Partners (ECP) last year. Assets under management increased by 20 per cent to $86.6 billion. Some private equity groups are struggling to exit investments through flotations because of a lack of appetite from listed world investors and are increasingly relying on trade sales and so-called secondary deals — passing on businesses to another private equity house or just switching them to a new fund. Raoul Hughes, chief executive, said that while the backdrop was 'challenging', Bridgepoint rarely opted for flotations, the last mainstream one being Safestore in 2007. He said he expected to announce some asset sales imminently, while others were still being dusted off. 'We're getting them ready,' he said. He detected strong potential buyer interest and 'at good earnings multiples', adding: 'Buyer appetite is there.' Bridgepoint, a member of the FTSE 250, traces its roots to the private equity division of NatWest. It floated in 2021 and manages assets including private credit and energy projects as well as its mainstream private equity division, which specialises in mid-sized companies in Britain and Europe. The group also announced good progress in raising fresh funds from new and existing clients. It was confident of meeting its target of €24 billion by the end of 2026. Hughes said the tilt towards Europe and away from the US since the Trump 'liberation day' tariffs shock should increase appetite for European private equity. He was pleased by the performance of ECP in its first year under Bridgepoint ownership. While there were headwinds from the decline in values of renewable energy assets, the division was well positioned to take advantage of the push to modernise America's electricity supply infrastructure. The shares slipped 4¾p, or 1.4 per cent, to 350p in afternoon trading on Friday. Bridgepoint was floated at a 350p issue price but investors have had a shaky ride after the shares dropped to as low as 169p in 2023. Analysts at Investec said it was 'overall a strong first half'. An interim dividend of 4.7p was in line with expectations, with Bridgepoint guiding to a final payout of at least 4.7p as well.
Sky News
6 days ago
- Business
- Sky News
Bridgepoint close to filling portfolio with £750m dentistry group
One of the London stock market's best-known private equity firms is close to snapping up MyDentist, the UK's biggest provider of NHS dental services. Sky News has learnt that Bridgepoint, which owns companies such as Itsu, the Japanese fast-food chain, was on Thursday night close to signing a definitive deal to acquire the business for an enterprise value of between £750m and £800m. If confirmed, it could be announced as soon as Friday morning, according to industry insiders. A subsidiary of Integrated Dental Holdings, MyDentist operates from about 600 practices across the UK, and has been owned by Palamon Capital Partners since 2021. One source said the deal with Bridgepoint was expected to generate a threefold return to Palamon. The company was previously owned by Carlyle, another major global private equity investor. The auction of MyDentist, which has been handled by bankers at Morgan Stanley, has taken place during a renewed period of scrutiny about the accessibility of NHS dental services across Britain. Bridgepoint is already an experienced investor in the sector, having bought Oasis, a dental care provider, for £185m before selling it for more than £800m in 2016. A number of smaller rivals to MyDentist are preparing to change hands in the coming months. Bridgepoint, which has previously explored a takeover of MyDentist, declined to comment, while Palamon could not be contacted for comment.
Time of India
02-07-2025
- Business
- Time of India
Merger of French and Swiss business software firms heralds new unicorn
ZURICH: A merger between French business software provider LumApps and its Swiss peer Beekeeper will create a new unicorn worth about $1.1 billion, the two companies said. The deal announced on Wednesday, which is due to complete this month, is backed by British private equity group Bridgepoint, which was previously a major shareholder in LumApps and will hold a majority stake in the new firm. "Midterm, an IPO or a trade sale are options. With the U.S. and Europe being our core markets, both would be great (IPO venue) candidates," said Beekeeper CEO Cristian Grossmann. The new firm's headquarters will be in Lyon, the home of LumApps, whose CEO Sebastien Ricard will lead the business. It will have approximately 600 employees worldwide. Unicorns are unlisted start-ups valued at at least $1 billion. Such firms are comparatively rare in Europe. LumApps makes software that companies use to run their intranets. "We are trying to augment or even replace products like Microsoft's SharePoint," said Elie Melois, chief technology officer of LumApps, which is used by the likes of Airbus and luxury goods group LVMH. While LumApps products are mainly used by office workers, Beekeeper has an app that allows frontline staff to communicate with the rest of the company. Beekeeper, founded by graduates of ETH Zurich, counts Swiss retailer Coop and Heathrow airport among its clients. Within six months, the merged company aims to introduce a unified platform. Current revenue of around $150 million is expected to double to around $300 million by 2030. LumApps already turns a profit, and Beekeeper aims to break even this year. "The combined group will be profitable from day one," Melois said.
