Compass India Takes Majority Stake in ICS Foods

7 Aug 2024 , 11:47 AM

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

The transaction was verified to ET by Compass Group India’s managing director, Vikas Chawla. Returning to work after COVID-19 is a huge story, he added. “People are returning to the workplace for at least three days, which is helping our businesses,” he said.

According to Chawla, the group will make more acquisitions in the upcoming months. In addition to actively pursuing discussions with other possible companies that have synergies, he stated, “We are looking at a 30% CAGR in the food services business sector with the ICS acquisition… and looking at 25% growth through acquisitions.”

The ICS website states that the company uses on-site commercial kitchens to provide culinary services to Dabur, Samsung, Honda, and Maruti within their corporate buildings.

Compass Group purchased the food technology firm SmartQ in 2021. SmartQ offers automated and centralized billing for the cafeteria industry.

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