Contract food specialist swallows local rival with £70m revenue
MACCLESFIELD-based Elior Group, a specialist in the contracted food industry, has acquired Waterfall Catering Group.
With a turnover of £280m, Elior operates across a broad range of organisations.
The deal was brokered by PwC’s Northern Transaction Services.
Warrington-headquartered Waterfall has 803 sites across the UK with a focus on the growing education and care markets.
The company has shown significant growth over the last decade and last year generated revenues of £70m. Waterfall employs 3,500 people with two customer-facing brands – Caterplus (a care specialist) and Taylor Shaw (an education specialist).
Philippe Salle, Elior Group chairman and chief executive, said: “This acquisition is fully part of our 2016-2020 strategic plan to expand our presence in priority markets.
“Waterfall Catering Group’s strong client portfolio and its outstanding expertise will greatly support our ambition to be part of the top contract caterers in the UK market and double the size of the activity there by 2020.
“The market presents joint opportunities, in segments in which Elior Group has a referent position: education, healthcare and premium business & industry. We intend to continue to expand in the United Kingdom both organically and through M&A, and Waterfall Catering Group’s acquisition mirrors perfectly our strategy.”
Waterfall chief executive Jim Lovett said: “We share similar values and a similar ethos in terms of our approach towards clients, attention to detail and great food. The combined effect of our two businesses and our differentiation and specialism will make us an even more powerful force in the care and education markets.”
Joel Smith, transaction services director at PwC said: “This is a great strategic transaction for Elior and we are really delighted to have supported them. The transaction consolidates Elior’s position in the market and provides synergistic and operational benefits to the enlarged group.”
Financial due diligence undertaken by Jonathan Cooper, Joel Smith and Nicola Widdison, with supporting sale and purchase agreement advice from Trevor Milne.
