Compass Group PLC (LSE: CPG) said it bought Southeast Service Corporation (SSC) for US$65 million in cash, or £45 million. SSC is a provider of soft support services operating in the education and business & industry sectors in the US. Revenue in the year to 31 December 2009 was US$153 million.
Founded in 1969, SSC has over 6,500 employees providing soft support services to schools, colleges & universities, as well as a range of commercial clients. SSC has over 1,000 clients in 36 states, with its corporate headquarters in Knoxville, Tennessee.
Compass Group CEO Richard Cousins said: "Building on the success of our significant education foodservice business, this acquisition enables us to extend the range of services we provide in this important sector. In addition to this it further strengthens our business & industry soft support service offer in North America."
SSC has been acquired by Compass Group North America through its operating company, Crothall Services Group, from Sherri Lee together with other members of the Lee family and others, including members of the Southeast Service Corporation Stock Savings Plan.
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