Helsinki / FI. (fg) Finland’s Fazer Group is speeding up its transformation into a modern sustainable food company with a joint direction by executing its strategy focusing on its FMCG and direct-to-consumer businesses. Last June, as a part of this transformation, Fazer Group agreed to sell Fazer Food Services to Compass Group. This transaction has now been completed and as of February 1st, 2020, the ownership of the food services business is transferred to Compass Group.
Fazer Food Services was founded as Fazer Catering in 1976 and for over 40 years, Fazer has developed the business to the point where it is today, with more than 7,000 employees. Fazer Food Services has more than 1,000 restaurants of which 500 are located in Finland, 230 in Sweden, 150 in Denmark and 120 in Norway. In addition, it has a production kitchen in Estonia.
«With its new owner, the food services business is now ready to take the next steps in developing the Nordic food service market. I would like to take this opportunity to thank all our fantastic colleagues at Fazer Food Services. Fazer Group will continue as an FMCG company. We will execute our strategy, transforming to a modern sustainable food company with a joint direction.» says Christoph Vitzthum, Fazer Group’s President and CEO.
Fazer Group is committed to supporting Compass Group and the food services business previously owned by Fazer in enabling a smooth transition. Fazer has also agreed to license the Fazer Food + Co brand and concept in Finland for three years.
The European Commission has approved the sale in January 2020. The transaction, agreed upon in June 2019, was approved by the EU Commission on 28 January, Fazer Group said in another news release.