Fazer Group has agreed to sell Fazer Food Services, a premier food service provider in the Nordic region, to Compass Group PLC, a global food service provider operating in around 45 countries.

The move has been agreed for around €475 million, and marks Fazer Group’s commitment to focusing on strategy and growth prospects.

Christoph Vitzthum, president and CEO of Fazer Group said: “We see interesting growth opportunities in all of Fazer Group’s businesses – each with their specific investment requirements – and, therefore, we have decided to streamline the business portfolio to enable focus in capturing these opportunities.

“We are extremely pleased to have Compass Group PLC as a potential new owner for Fazer Food Services. Fazer Food Services can start a new phase in its journey with even stronger support to grow and further improve its business. Fazer Group will use the funds from the sale of Fazer Food Services to invest in Fazer Group’s growth strategy.”

Fazer Food Services provides goods for the foodservice sector, and owns brands such as Amica and Tastory.

Dominic Blakemore, CEO of Compass Group, said: “Fazer Food Services is a highly regarded food service business in the Nordic region, and like Compass Group PLC, is focused on high-quality food, culinary innovation, sustainability and great customer service. I am excited that, together with our existing colleagues in the region, we will be able to further enhance our customer proposition in the Nordic market.”

Compass Group PLC is a global food service provider with revenues of around €26 billion. It operates in around 45 countries, employs 600,000 people and serves over 5.5 billion meals a year.