Compass completes acquisition of Turkey's Obasan
Compass Group has completed the acquisition of food service business Obasan in Turkey.
The catering giant announced last month that it had agreed to acquire the entire issued share capital of Obasan Gıda İnşaat Sanayi ve Ticaret Anonim Şirketi, a leading provider of delivered meals to businesses in Turkey, in and around Bursa and Istanbul.
The deal, which was subject to obtaining clearance from the board of the competition authority of the Republic of Turkey, has now been completed.
For the year ended 31 December 2010, Obasan generated revenues of TL89.7m (£34.8m). The gross assets acquired amount to TL24.6m (£9.6m) as at 31 December 2010.
Compass Group chief executive Richard Cousins said: "Obasan is a great addition to our existing business in Turkey and it will bring significant expertise in providing delivered meals to offices.
"This will enable us to service more organisations that don't have the required catering facilities on-site and expands our offering to customers in this exciting growth market."
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By Janie Stamford
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