Greek M&A update 4/04/2025

M&A Activity in Greece Sees Significant Uptick Amid High-Profile Transactions

M&A activity in Greece has surged in recent weeks, with several notable transactions announced by both strategic investors and financial sponsors. The increased deal flow underscores the growing dynamism of the Greek market, driven by private equity investments, financial sector consolidation, and strategic expansion efforts.

Halcyon Equity Partners Accelerates Deployment with Two Investments

Halcyon Equity Partners, Greece’s newest private equity fund, has been actively deploying capital, announcing two investments in rapid succession. The fund, which raised €170 million, primarily focuses on acquiring minority stakes in high-growth SMEs with strong scalability potential.

On March 27, Halcyon invested in Wheelsys, a fast-growing SaaS company providing software solutions to car rental firms. Wheelsys serves over 1,000 clients across more than 100 countries and aims to capitalize on the ongoing digital transformation within the mobility sector.

Shortly after, Halcyon acquired a stake in ERGON Foods, a premium gastronomy and retail brand with operations spanning Greece, Cyprus, the Middle East, and the United Kingdom. The back-to-back deals signal Halcyon’s strong pipeline of investment opportunities and its commitment to supporting innovative Greek businesses.

Alpha Bank Expands Investment Banking Presence with AXIA Ventures Acquisition

Alpha Bank has continued its expansion strategy by acquiring AXIA Ventures Group, a boutique investment banking and capital markets firm. The transaction, valued at up to €59 million, includes an initial cash payment covering 40% of the total consideration, with the remainder tied to performance milestones.

This acquisition marks Alpha Bank’s third deal since late January, following its purchases of fintech firm Flexfin and AstroBank, Cyprus’ third-largest lender. The move aligns with Alpha Bank’s strategic goal of diversifying its revenue streams beyond traditional banking.

Masoutis Strengthens Market Position with Kritikos Acquisition

In the retail sector, supermarket chain Masoutis has ntered into a non binding agreement to acquire Kritikos supermarkets. The deal will create Greece’s third-largest supermarket chain, with a combined network of 1,200 stores and annual revenues exceeding €2 billion. The acquisition supports Masoutis’ expansion strategy in southern Greece, and the company remains open to further consolidation opportunities.

San/kos Group Acquires Hotels from Goldman Sachs in Landmark Real Estate Deal

The real estate sector also witnessed a high-profile transaction as San/kos Group acquired three hotels in Chalkidiki from Goldman Sachs for a total consideration of €400 million. The group plans to merge the properties into a 750-room luxury resort, “Ikos Kassandra,” featuring extensive amenities such as spas, pools, sports facilities, and over thirty bars and restaurants. This acquisition highlights the strong investment appetite for premium hospitality assets in Greece.

Vivartia Expands Fast Food Portfolio with Jackaroo Stake

Lastly, in the quick-service restaurant sector, Vivartia, through its Goody’s brand, acquired a 60% stake in Jackaroo for €10 million. Jackaroo’s founder, Michalis Mantzouranis, retains a 40% stake, marking his second successful divestment following the 2017 sale of another burger chain to L’Artigiano.

Outlook

The recent surge in M&A activity underscores growing investor confidence in Greece’s economic prospects. Private equity funds, strategic buyers, and financial institutions continue to drive consolidation and expansion, reshaping key sectors such as technology, retail, banking, real estate, and food services. As deal momentum remains strong, Greece is poised to attract further investment and strategic partnerships in the months ahead.