Foodservice company Compass Group Plc, has announced the acquisition of the North American KIMCO Corporation, which provides caretaking soft services to commercial and industrial customers across North America, for US$75 million.

Foodservice company Compass Group Plc, has announced the acquisition of the North American KIMCO Corporation, which provides caretaking soft services to commercial and industrial customers across North America and employs 5,000 staff, for an initial US$75 million (£49 million).

The transaction includes a deferred element of up to $15 million dependent on whether the company hits future performance targets.

Compass provides vending and related services in the workplace, schools and hospitals. The deal will give the company access to new markets. Last year, the company reported revenues of some £11 billion last year.

Gary Green, group managing director of Compass North America, said: “We are excited to be gaining such capable and experienced management talent through the acquisition of KIMCO, which enables us to deliver services to additional segments of the market, and which positions our business and industry brand, Eurest Services for continued growth in North America.”