M&A Debrief (27/04-02/05/2026)

By Dimitris Machairas and George Moschovis

ENERGY

Aktor Acquires 51% Stake in Sun Force Two for Approximately €20.4m

Aktor Renewables, a subsidiary of Aktor Group, acquired a 51% stake in Sun Force Two, a photovoltaic project development company, from Greenline for €20.4m. The remaining 49% stake is retained by Greenline, which acts on behalf of the Mitsiolidis and Bozatzidis families and related individuals. The acquisition forms part of Aktor's plan for the expansion of its renewable energy segment.

Transaction Value: €20.4m

Implied Enterprise Value: €40.0m

The Target

Sun Force Two is a Greece-based renewable energy development company specializing in distributed solar photovoltaic stations. The company holds binding agreements for a total installed capacity of 214.8 MW across the regions of Thessaly, Central Macedonia, Western Macedonia, Epirus, Eastern Macedonia and Thrace.

The Buyer

Aktor is a Greece-based construction and infrastructure group listed on the Athens Stock Exchange, operating across construction, concessions, and renewable energy. Through its subsidiary Aktor Renewables, the group has been actively building a diversified RES portfolio comprising solar PV and wind assets.

Revenue – 2025: €1,400m

Adj. EBITDA – 2025: €207.0m

Net Income – 2025: €15.1m

Net Debt – 2025: €1,024.7m

Leverage – 2025: 4.95x  

HEALTHCARE

SMERemediumCap II Acquires Majority Stake in Bio-Hygeia

SMERemediumCap II, a Greece-based private equity fund, acquired a majority stake in Bio-Hygeia, a Greek company active in the distribution and marketing of organic food products. The existing shareholders will retain a minority interest in the company and the existing executive management will remain in place. The terms of the transaction were not disclosed.

The Target

Bio-Hygeia is a an organic food company founded in 2000, specializing in the dry organic goods segment of the Greek market. The company markets products under its own brand Ola Bio and distributes international brands including Yogi Tea, Rapunzel, Koko, Holle and Ecomil. Its products are sold through retail chains and specialist organic distribution networks, and the company operates an export division as well as the B2B e-commerce platform ola-bio.gr.

Revenue – 2024: €18.8m

EBITDA – 2024: €2.0m

Net Income – 2024: €1.3m

Net Debt – 2024: €0.5m

Leverage – 2024: 0.25x

The Buyer

SMERemediumCap II is a Greece-based private equity turnaround fund focused on growth investments in Greek small and medium-sized enterprises. The fund completed a €200m capital raise in December 2025 and targets the consolidation of fragmented domestic sectors through a combination of majority acquisitions, organic growth initiatives, and add-on M&A.

REAL ESTATE

TRASTOR Property Investments Sells Maroussi Office Building for €7.7m

Trastor completed the sale of a standalone office building with underground parking at 57 Agiou Konstantinou Street in Maroussi, with a total surface area of 3,711 sq.m. and office space of 1,962 sq.m., for €7.7m, representing a 10% premium to the asset’s carrying value.

MINING

Ellinika Latomeia Acquires 51% of Rigas Paros to Expand Quarry Operations

AKTOR Group, through its 100% subsidiary Ellinika Latomeia, completed the acquisition of a 51% stake in Rigas Paros in April 2026 for a consideration of €6 million, gaining majority control of a company active in the exploitation of marble and aggregates quarries in Paros (Marathi area). The transaction, based on a valuation reflecting the operating quarry’s current potential, strengthens AKTOR’s presence in the quarrying sector, expands its footprint into a strategic Cyclades location with strong local and regional demand, and supports the group’s broader growth strategy by enhancing supply capabilities across the Aegean and other parts of Greece.

Implied Equity Value: €11.8m

Implied Equity Value/Revenue: 39.33x

The Target

Rigas Paros is a Greece-based quarrying company active in the extraction and processing of marble and aggregates, with operations located in the Marathi area of Paros in the Cyclades.

Revenue – 2024: €0.3m

EBITDA – 2024: €0.1m

Net Income – 2024: (€0.5m)

The Buyer

Ellinika Latomeia, a wholly owned subsidiary of AKTOR Group, is a Greece-based company specializing in the extraction, processing, and commercial distribution of aggregates and quarry materials used in construction and infrastructure projects.

Revenue – 2024: €9.9m

EBITDA – 2024: €0.8m

Net Income – 2024: €0.3m

Net Debt – 2024: (€0.4m)

CONSTRUCTION

AKTOR Acquires 50.1% of Entelecheia to Strengthen Energy & Telecom Infrastructure Capabilities

AKTOR Group, through its wholly owned subsidiary Aktor Construction, completed the acquisition of a 50.1% majority stake in Entelecheia on 29 April 2026 for a total consideration of €30.1 million. The sellers retain a 49.9% stake. Entelecheia is a leading Greek contractor specializing in the construction and maintenance of high-voltage electricity transmission lines, telecommunications networks, and fiber optics infrastructure. The transaction is expected to strengthen AKTOR's positioning in energy and telecom infrastructure and support its broader expansion into high-value technical services.

Transaction Value: €30.1m

Implied Enterprise Value: €60.1m

Implied Enterprise Value/EBITDA: 1.75x

The Target

Entelecheia is a Greece-based engineering and contracting company specializing in the construction and maintenance of energy and telecommunications infrastructure. The company’s core activities include the development of high-voltage electricity transmission lines, fiber optic networks, and telecom systems, supporting both public and private sector clients.

Revenue – 2025: €110.2m

EBITDA – 2025: €34.4m

Net Income – 2025: €24.9m

Net Debt – 2025: (€4.2m) 

The Buyer

AKTOR Group is a leading Greece-based infrastructure and construction group with a diversified presence across construction, concessions, energy, real estate, and facility management.

Revenue – 2025: €1,400m

Adj. EBITDA – 2025: €207.0m

Net Income – 2025: €15.1m

Net Debt – 2025: €1,024.7m

Leverage – 2025: 4.95x  

DEFENSE

EFA Group Acquires 90% of Superior Air to Enter Aviation MRO and Defense Services

EFA Group completed the acquisition of a 90% majority stake in Superior Air in April 2026, with financial terms remaining undisclosed, marking its strategic entry into the aviation maintenance, repair and overhaul (MRO), pilot training, and specialized air services segments. The target is a certified general aviation platform with operations across five bases in Greece, providing maintenance, airworthiness management and training services for helicopters and aircraft both domestically and internationally.  The transaction is intended to significantly enhance EFA Group’s capabilities in supporting and upgrading aerial assets, particularly in defense, while enabling the group to build an integrated, end-to-end aerospace services ecosystem and pursue complex technical support and lifecycle contracts in both military and civil aviation markets.

The Target

 Superior Air is a Greece-based aviation services provider operating in the general aviation segment, with activities spanning aircraft and helicopter maintenance (MRO), airworthiness management, pilot training, and specialized aerial services.

Revenue – 2024: €7.7m

EBITDA – 2024: €0.4m

Net Income – 2024: €0.1m

Net Debt – 2024: (€0.3m)

The Buyer

EFA Group is a Greece-based international technology group specializing in aerospace, defense, security, and industrial cooperation solutions. Founded by entrepreneur Christian Hadjiminas, the group operates a diversified portfolio of companies active in areas such as defense software, unmanned systems, aerospace applications, sensors, and advanced communications.

Revenue – 2024: €30.1m

EBITDA – 2024: €5.7m

Net Income – 2024: €4.6m

Net Debt – 2024: €15.2m

Leverage – 2024: 2.66x