INDIA- Contract food service company Compass India has acquired a 70% stake in food and beverage catering company ICS Foods.
The specific details of the transaction have not been made public.
The acquisition is a significant step in Compass India’s expansion into the Indian market. According to Compass India, it expects to leverage ICS Foods’ strong presence and brand image in New Delhi and India.
ICS Foods provides food, hospitality, and consulting services to the industrial workforce and corporate houses. The company currently boasts a portfolio of 70 corporate clients across various manufacturing sites across ten states in India.
It also has a 2,500 workforce delivering 160,000 meals a day, which is a reflection of its capacity and reputation as a trusted food partner for both Indian and international companies.
Compass India has welcomed the acquisition, reiterating the alignment of both companies and the opportunity it provides to leverage catering opportunities in India’s manufacturing sector.
Vikas Chawla, Compass India’s Managing Director, said, “With the growth of the manufacturing sector in India riding on the back of initiatives like ‘Make-In-India,’ this strategic move aligns perfectly with our growth journey.”
“By combining Compass Group India’s presence and culinary prowess with ICS Foods’ proven expertise in providing food services to the manufacturing sector, we will further strengthen our position in this area while delivering high-quality, nutritious and sustainable solutions that are truly valued by our clients and consumers.”
Compass Group India is active in 45 cities, serving 450 clients and providing more than 750,000 meals daily.
The move is Compass India’s second acquisition in the country. Its catering clientele includes Google, Nestle, Procter & Gamble, Netflix, and Coca-Cola.
ICS Foods also welcomed the move, reiterating the alignment of objectives and business models. According to Debashish Yadav, ICS Foods’ CEO, the acquisition will enhance the two companies’ combined reach and capitalize on the growth currently experienced in India.
Yadav reiterated the combined culinary prowess and establish brand image should deliver exceptional value to clients, which should set precedence for excellence in terms of service delivery in the market.
Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE
