M&A Debrief (06-12/10/2025)

By Nikos Tsolakis, Dimitris Chatziasimiadis, Zeynep Giousemoglou, Thanasis Ntatsis and Dimtris Machairas

Theon Acquires 9.8% of Exosens for €268.7m

Theon International reached an agreement with three of Groupe’s subsidiaries to acquire a 9.8% stake in Exosens for €54 per share, for a total transaction value of €268.7m. UBS and Citi will provide a bridge facility to finance the acquisition, which will later be refinanced through the issuance of new debt and equity shares.  

UBS acted as financial advisor to Theon, while Clifford Chance served as the legal advisor.

Enterprise Value: €2.7bn

Transaction Value: €268.7m

EV/Sales: 6.96x

EV/EBITDA: 24.7x

EV/Adj. EBITDA: 23.2x

The Target

Exosens is a leading French company specializing in advanced electro-optical technologies, including light amplification, detection and imaging systems. Following the completion of the transaction, Theon will become the second largest shareholder in Exosens, after Groupe HLD.

Revenue – 2024: €394.1m

EBITDA – 2024: €111.0m

Adj. EBITDA – 2024: €118.5m

Net Income – 2024: €30.7m

The Buyer

Theon Group develops and manufactures cutting-edge night vision and thermal imaging systems for Defense and Security applications with a global footprint. The Group started its operations in 1997 from Greece and today occupies a leading role in the sector thanks to its international presence through subsidiaries and production facilities in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore, and South Korea. Theon has more than 220,000 systems in service with Armed and Special Forces in 71 countries around the world, 26 of which are NATO countries.

Revenue – 2024: €352.4m

Adj. EBITDA – 2024: €90.9m

Net Income – 2024: €67.4m

Ambrosia S.A. Acquires a 70% Stake in 3P Salads

Bespoke SGA Holdings, through its subsidiary, Ambrosia S.A, has reached a binding agreement to acquire a 70% stake in 3P Salads. Through this investment, Bespoke is looking to strengthen its presence in the ready-made food market.

The Target

3P Salads S.A. has been operating in the food industry for more than 20 years, supplying HO.RE.CA businesses across Greece, offering a wide range of spreadable salads, sauces

and dressings.

Revenue – 2024: €19.3m

EBITDA – 2024: €3.1m

Net Income – 2024: €2.1m

The Buyer

Bespoke SGA Holdings S.A. is a Greek investment holding company active in the food and beverage sector. Founded in 2022 and headquartered in Athens, the group is led by Spyros Theodoropoulos, a prominent Greek entrepreneur and long-standing figure in the food industry.

Revenue – 2024: €267.3m

EBITDA – 2024: €13.1m

Net Income – 2024: (€13.8m)

Alfa Pastry Acquires Majority Stake in Trio Bakery

Alfa Pastry acquired 70% of the Canadian food manufacturing company that specializes in frozen pastry products, Trio Bakery. Alfa is set to become the first Greek pastry company to operate manufacturing facilities in North America, expanding its geographic footprint and strengthening its presence in the Canadian market.

The Target

Established in October 2018, Trio Bakery Inc. was formed when two leading Canadian börek pie manufacturers, Gala Bakery and Solero Bakery, joined forces with the founder of Nafta Foods and Packaging Inc. to establish Trio Bakery Inc. as a separate entity, which is the first and only fully automated börek pie production facility in North America.

The Buyer

Alfa Pastry is a leading Greek food manufacturer specializing in frozen pastries, doughs, and traditional pies, with strong presence in both retail and foodservice markets.

Revenue – 2024: €69.0m

EBITDA – 2024: €9.9m

Net Income – 2024: €6.9m