Compass buys Australia's Life's A Party Group
Compass Group has snapped up another business, with the Aus$22.5m (£14.1m) purchase of food service operator Life's A Party Group (LAPG) in Victoria, Australia.
LAPG, which operates in the education and leisure sectors, has been acquired from various family trusts of the company's directors.
In a trading statement, Compass said: "LAPG provides an excellent opportunity for Compass Group Australia to expand its existing presence in these two important segments of the market."
Last year it became clear that Compass was sitting pretty on a cash pot of around £600m, which prompted speculation that the global catering giant would embark on an acquisition spree.
This has been confirmed by the company's actions - LAPG is the fifth business to be bought in the past seven months - and in the Group's annual results last week, chief executive Richard Cousins said that Compass would use its cash-flow to make infill acquisitions and to reward its shareholders.
So far this year it has bought French food service business Caterine Restauration, Indian caterer Tirumala Hospitality Services, security firm VSG Services and Danish food service firm IDA.
Compass Group's operating profit remains flat >>
Compass acquires IDA Service for £17m >>
Compass to buy security firm VSG Group >>
Compass buys Indian caterer Tirumala Hospitality Services >>
Ian Sarson outlines a new direction for Compass >>
By Janie Stamford
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