Bridgepoint, one of the world’s leading quoted private asset growth investors, today announced the sale of its majority stake in Vermaat Groep B.V. (“Vermaat” or the “Company”), the Netherlands-based premium catering and hospitality services provider, to Compass Group PLC, a global leader in food services, in a transaction that values the company at c. €1.5bn. The sale is subject to consultation of the Dutch Works Council, approval from relevant regulatory authorities and completion.
Bridgepoint will fully exit its holding, alongside Partners Group (acting on behalf of its clients), which first acquired Vermaat in 2015 and remained a minority shareholder after Bridgepoint’s investment in 2019.
Established in 1978 as a delicatessen shop, Vermaat first partnered with Bridgepoint in 2019, having grown into a clear leader in the Dutch market known for its high-quality, bespoke catering concepts across corporate, leisure, and healthcare locations. Since Bridgepoint’s investment, and despite the significant challenge brought to the industry through Covid, Vermaat has transformed into a clear European leader, doubling its revenue to c.€700 million by year end and serving 700+ locations across multiple sectors.
International expansion has been a core driver of Vermaat’s transformation. Under Bridgepoint’s ownership, the Company brought its proven Dutch model into France and Germany, building scale through selective acquisitions and operational improvements. In France, Vermaat acquired Paris-based premium caterer Serenest and worked with new leadership to strengthen the division’s performance and extend its reach. In Germany, it acquired L&D, giving Vermaat meaningful scale in the market with over €100 million in revenue by 2024. Reflecting this strong growth trajectory and proof of concept under Bridgepoint’s ownership, more than 25% of Vermaat’s revenues are now generated outside its home market.
Vermaat has built an innovative delivery proposition, ‘Join Program’, combining chef-quality food with delivery capabilities. It has fully digitised the offering to provide the next generation of premium catering for customers providing a more flexible solution easily tailored to historically underserved customers such as smaller office sites and SME businesses. Join Program has been commercially successful and reinforces its strategic importance as a scalable, digital revenue stream. Today, Join Program is used by major clients and is being rolled out in France and Germany.
In parallel, Vermaat has professionalised its operations, strengthened its leadership, and invested significantly in digital capabilities. Under Bridgepoint’s ownership, the Company implemented a clear ESG roadmap through its Food Vision 2027 programme, focused on reducing food waste, offering more plant-based options, and using local sourcing and responsible packaging to meet the demands of its pan-European client base.
Olivier van Riet Paap, Partner at Bridgepoint and Head of Benelux, said:
"Vermaat represents everything we look for in a partner – an ambitious team, a strong and distinctive culture, and a relentless focus on quality. This is a world-class business that not only weathered the pandemic but came out stronger – growing internationally into France and Germany, innovating with Join Program, and leading the way in sustainable hospitality. We’re proud of what we’ve built together and look forward to seeing Vermaat continue its journey with Compass."
Rick Zeelen, CEO of Vermaat, said:
"Bridgepoint has supported us through one of the most challenging and defining periods in Vermaat’s history during Covid. From navigating lockdowns to accelerating our international ambitions, they have been true partners. As we begin our next chapter with Compass, we remain committed to our purpose: creating places where people feel at home and where hospitality is personal."
Nicolas Petitjean, Managing Director, Co-Head Private Equity Partnership Investments, Partners Group, said:
"Vermaat is a strong example of our transformational investing approach. Since 2015, we’ve supported the Company in scaling operations, driving digital innovation, and advancing sustainability, all while preserving its unique culture. We’re proud to have been part of this journey and thank Rick and the team for their partnership. We wish them continued success with Compass."
Bridgepoint was advised by Goldman Sachs Bank Europe SE (“Goldman Sachs”) (M&A Advisor), Rothschild & Co (M&A Advisor), Clifford Chance (Legal Advisor) and KPMG (Financial & Tax Advisor). The refinancing completed in parallel was advised by Goldman Sachs, Rabobank and SMBC (joint global coordinators).
Partners Group was advised by Ropes & Gray (Legal Advisor).