By Michael Susin

Compass Group said it has agreed to buy provider of premium contract and hospitality services CH&CO for an initial enterprise value of 475 million pounds ($603.4 million) to complement its footprint in the U.K. and Ireland.

The U.K. catering contractor on Monday said CH&CO currently generates annual revenue of around GBP450 million and operates across a range of sectors.

The initial enterprise value will be followed by an additional earn out over the two years following closing, dependent on the profit growth of the business.

"With CH&CO's strong brand identity and a broad geographic reach, we would be able to further enhance our customer proposition, helping us capitalize on the significant growth potential in the market," Chief Executive Dominic Blakemore said.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

January 22, 2024 03:04 ET (08:04 GMT)

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