Compass India acquires majority stake in ICS Foods

Compass India Food Services, a wholly owned subsidiary of the $40 billion British-based Compass Group Plc, provides food services and contract catering. It has acquired a 70% stake in ICS Foods Pvt Ltd, a Delhi-based catering company.

The deal was reviewed by Compass Group India Managing Director Vikas Chawla for ET. The return to work post COVID-19 is a huge story, he added. “People are returning to their workplaces for at least three days, which is helping our businesses,” he said.

According to Chawla, the group will make more acquisitions in the coming months. Apart from actively holding talks with other potential companies that have synergies, he said, “We are looking at a 30% CAGR in the foodservice sector post-ICS acquisition… and we are looking at 25% growth through acquisitions.”

ICS’ website says the company uses its own commercial kitchens to provide culinary services to Dabur, Samsung, Honda and Maruti in their corporate buildings.

Compass Group acquired food technology company SmartQ in 2021. SmartQ offers automated and centralized billing for the coffee shop industry.

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