Compass, the world’s largest contract caterer, has sold its Select Service Partner travel concessions business to two consortia of investors led by private equity firm EQT Partners and Macquarie Bank for £1.8bn in cash. This far outstrips the top end of expectations.

EQT, the private equity business controlled by Sweden’s Wallenberg family, has bought SSP’s airport and railway concessions business for roughly two-thirds of the total price.