Weekly M&A Debrief (5-11/1/2025)

By Nikos Tsolakis, Stavroula Bichta, Thanasis Ntatsis and Dimitris Machairas

AEROSPACE & DEFENSE

1) Theon International Acquires 9.8% Stake in Exosens

Theon International Plc has acquired an approximately 9.8% equity stake in French electro-optics group Exosens SA for €268.7 million, becoming the company’s second-largest shareholder. The transaction is strategically aimed at securing Theon’s access to critical components, notably image intensifier tubes used in night-vision systems, at a time of increased global defense demand.

Transaction Value: €268.7m

Enterprise Value: €2.7bn

EV/EBITDA: 20.37x

EV/Sales: 6.16x            

The Target

Exosens is a European leader in high-end electro-optical technologies serving defense and industrial applications. Formerly known as the Photonis Group and backed by HLD since 2021, the company draws on more than 85 years of experience in the development, manufacturing and commercialization of advanced detection and imaging technologies.

Revenue – (H1 2024 – H1 2025): €445.0m

Adj. EBITDA – (H1 2024 – H1 2025): €134.6m

Leverage – 9M 2025: c.2.0x       

The Buyer

Theon International PLC is a leading European developer and manufacturer of customizable night vision, thermal imaging and Electro-Optical ISR systems for military and security use. Based in Cyprus, the company has grown into a global player with subsidiaries and production sites across Europe, the U.S. and Asia. Theon’s products are used by armed and special forces in 71 countries worldwide, including 26 NATO members. Since February 2024, THEON has been publicly traded on Euronext Amsterdam. 

Revenue – LTM: 383.7€m

Adj. EBITDA – LTM: €101.9m

Net Income – LTM: €72.9m

Leverage – LTM: nm

TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

1) Softweb Acquires 51% of Alphabit Cybersecurity

Softweb Adaptive I.T. Solutions announced the acquisition of a 51% stake in Alphabit Cybersecurity for €1.2m, marking a strategic expansion into cybersecurity services. The deal brings Alphabit into Softweb’s ecosystem, enhancing its ability to deliver integrated digital transformation and security solutions. 

Transaction Value: €1.2m

Enterprise Value: €2.4m

EV/EBITDA: 12.0x

EV/Revenue: 3.0x

The Target

Founded in 2008 by Dimitris Georgiou, Alphabit S.A. is a provider of integrated IT and cybersecurity services. Alphabit delivers tailored solutions by leveraging the expertise, experience and continuous training of its professionals to address evolving cybersecurity challenges.

Revenue – est.2025: €0.8m

EBITDA – est.2025: €0.2m

The Buyer

Softweb S.A., a leader in the New Technologies sector and listed on the Athens Stock Exchange, specializes in the development of Web and Mobile Business software and implements an integrated plan for the digital transformation of businesses. Since its establishment (2008) until today it has implemented more than 1800 technology projects in Greece and abroad.

RETAIL

1) Masoutis scales nationwide footprint through 100% acquisition of Kritikos

Diamantis Masoutis S.A. has signed a definitive pre-agreement for the acquisition of 100% of ANEDIK Kritikos S.A. This strategic move is part of Masoutis’ broader expansion plan to solidify its market leadership and enhance its nationwide footprint. The transaction is subject to customary regulatory approval by the Hellenic Competition Commission.

The Target

Founded in 1996, ANEDIK KRITIKOS S.A. has emerged as one of the fastest-growing retailers in Greece, driven by a consistent M&A strategy involving the acquisition of local supermarket chains nationwide. Currently, the company operates a network of over 404 stores across 42 prefectures, supported by a robust supply chain of 6 Distribution Centers. With a workforce exceeding 4,000 employees, KRITIKOS continues to scale its market share, positioning itself as a key consolidator in the Greek grocery retail landscape.

Revenue – 2024: €777.7m

EBITDA – 2024: €36.9m

Net Income – 2024: €3.9m

Leverage – 2024: 3.85x

The Buyer

Established in 1976, Masoutis S.A. is a leading force in the Greek retail sector, operating a robust network of 400 corporate stores nationwide. The company stands out for its advanced infrastructure, featuring the largest Logistics Center in the Balkans, which serves as a cornerstone for its operational efficiency. Masoutis is currently undergoing a large-scale digital transformation, backed by strategic investments in e-commerce and physical store modernization.

Revenue – 2024: €1.1bn

EBITDA – 2024: €72.2m

Net Income – 2024: €5.97m

Leverage – 2024: 4.91x

FOOD & BEVERAGE

EOS Capital Partners acquires strategic stake in Koukakis Farm to accelerate international growth

EOS Capital Partners has reached an advanced agreement to acquire a strategic stake in Koukakis Farm, one of Greece’s most robust and rapidly growing dairy producers. The partnership aims to support the company’s strategic expansion plans, leveraging Koukakis Farm’s high-quality product portfolio and established export presence. The fund has established a NewCo (holding company) capitalized with €28.0m of share capital to execute the acquisition.

The Target

Koukakis Farm S.A., founded in 1977 and based in Kilkis, is a premium dairy producer known for its vertical integration and "own brand" export strategy. The company exports to over 30 countries and has consistently received International Taste Awards for its product quality.

Revenue – 2025: c.€57.0m

EBITDA – 2024: €6.8m

Net Income – 2024: €3.7m

Leverage – 2024: 1.64x

The Buyer

EOS Capital Partners is a leading independent Greek private equity firm founded in 2017. The fund focuses on high-growth SMEs and Mid-Caps, boasting a portfolio with over 100% sales increase and 70% EBITDA growth post-investment.