U.S. buyout firm Clayton, Dubilier & Rice has agreed to acquire a significant stake in the U.K. catering operator behind restaurant and catering brands such as Benugo and Searcys London in a deal that values the company at about $1 billion including debt, according to people familiar with the matter.

CD&R’s deal with WSH Investments Ltd. represents a potential endorsement of the U.K. economy, which risks a severe downturn if the U.K. government fails to reach an agreement over its continuing divorce with the European Union.

The exact size of the stake acquired by CD&R in WSH couldn’t be learned.

The private-equity firm is also placing another bet on the U.K. hospitality sector just more than a decade after it generated bumper returns selling frozen-food wholesaler Brakes Group to U.S. rival Bain Capital in a deal valued at $2.6 billion. CD&R had paid $653 million to take the company private five years before.

WSH founder and veteran hospitality businessman Alastair will remain a key shareholder and continue to help oversee the business that he established in 2000. Since then, WSH has expanded to include a stable of brands operating in the food-services and hospitality industries.