S&P changes Vermaat view to positive

S&P said it changed its outlook for Vermaat (Vincent Topco BV) to positive from stable and affirmed the B- ratings on the company and its first-lien debt.

“Vermaat exhibited strong revenue growth of 41.7% in the first half of 2023, supported by ongoing pandemic recovery, contract wins, and price increases. Recovery was particularly strong in the two largest segments: corporates and leisure. Growing from a small base, the delivery segment more than tripled its revenue for the period. We believe growth in the traditional corporate segment will be complimented by the delivery segment, particularly through the ‘Join Program’, which was launched in the second quarter of 2022 and provides flexible catering services that function through a central kitchen,” the agency said in a press release.

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