Ex-Compass chief buys foodservice companies
The former chief executive of Compass Group, Mike Bailey, has returned to the world of contract catering with the acquisition of a trio of US foodservice companies.
Bailey has, through newly formed TrustHouse Services Group with the backing of private equity company Gryphon Investors, acquired Aladdin Food Management Services, AmeriServe Food Management and Fitz, Voght & Associates.
Bailey retired from Compass in 2006.
Aladdin, which has 150 clients in 20 US states, operates in the education, healthcare and business and industry sectors.
AmeriServe provides services to secondary schools and colleges as does Voght & Associates, which also has prison and executive dining contracts on its books.
Compass courted controversy when it revealed in its annual report for 2006 that Bailey had pocketed £830,000 in performance-related pay, despite leading the company through three profit warnings and a UN contract scandal.
The controversy prompted the company to reassure shareholders that it would link future executive pay to performance.
Bailey and Gryphon were advised by McColl Partners, an investment bank in Charlotte, North Carolina.
Bailey's return follows hot on the heels of former Compass chairman Sir Francis Mackay's move back into the industry with start-up Graysons, which landed its first deal at LGC, a provider of chemical and forensic analysis, DNA testing and consultancy services.
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