Fazer Group announced its intention on Tuesday to sell off its food services operations -- including the chains of Amica cafeterias -- to the UK-based multinational Compass Group Plc for 475 million euros.
Fazer said in a release that it wants to focus on consumer products and direct-to-consumer business, adding that it will use the proceeds of the sale to invest its growth strategy.
As part of the deal the Finnish baked goods and confectionery company said it will license the Fazer Food & Co brand to Compass Group for three years to ensure a smooth transition.
The company said that the conclusion of the deal is subject to approval by EU Commission competition authorities. It added that the transaction would include all of the food services' division workers, approximately 7,000.
Fazer Food Services currently has operations in Sweden, Denmark and Norway as well as a production kitchen in Estonia and had revenues of 600 million euros last year.
Compass is the largest contract food supplier in the world, has operations in 45 countries, employs 600,000 and reported turnover of around 26 billion euros in 2018.