Weekly M&A Debrief (02/11/2026-08/11/2026)

By George Moschovis, Theodoros Kouzigiannis and Christophoros Gogolos

RETAIL

Kotsovolos to Acquire Romanian Electronics Retailer Flanco for €35m

PPC, through its subsidiary Kotsovolos, agreed to acquire 100% of Flanco, a Romanian electronics and IT retailer, in a deal valuing the company at €35m. The acquisition will be financed entirely from Kotsovolos’s own funds, with PwC acting as advisor. The deal gives PPC entry into Romanian electronics retail and a network for selling its energy products, such as rooftop solar and heat pumps.

Implied EV: €35.0m

EV/Sales: 0.13x

The Target

Flanco is a Romanian retailer of consumer electronics, IT&C and home appliances, operating c. 150 stores and employing more than 1,200 people.

Revenue – 2025*: €268.5m

Net Income – 2025*: (€13.0m)

*Converted from RON at 1 EUR = 5.0985 RON

The Buyer

Kotsovolos is an electronics retailer in Greece and Cyprus, owned by PPC since 2024. It operates more than 100 stores alongside an e-commerce platform.

Revenue – 2025: €753.6m

EBITDA – 2025: €47.0m

Net Income – 2025: €0.02m

Net Debt – 2025: €21.8m

Leverage – 2025: 0.46x

HOSPITALITY

Sani/Ikos Acquires Gournes Coastal Plot in Crete from Dimand for €72.5m

Sani/Ikos, through Ikos Luxco, acquired 100% of Gournes Development and Property Management, owner of a c. 346,000 sqm coastal plot in Hersonissos, Crete, from Dimand for c. €72.5m, calculated on an adjusted net asset value basis. Part of the consideration was used to fully repay a €39.9m bond loan; Dimand had bought the company for €40.1m in September 2025. Sani/Ikos plans to develop a c. 600-room Ikos Resort on the site, with Dimand in talks to support the licensing process.

Transaction Value: €72.5m

The Target

Gournes Development and Property Management owns a seaside plot on the former US base at Gournes, Heraklion, known as Crete’s “little Elliniko”.

The Buyer

Sani/Ikos, whose main shareholder is Singapore’s GIC, operates 13 luxury resorts with 3,991 rooms in Greece and Spain, with three more under development in Greece, Spain and Portugal.

MANUFACTURING / PLASTICS

Plastika Kritis Acquires Naturplas Industrial for €16.2m

Plastika Kritis completed the acquisition of a 100% stake in Morocco-based Naturplas Industrial. The base consideration for the transaction was agreed at €16.2m. The acquisition aligns with the buyer's strategic objective to expand its international footprint in the polyethylene films sector, establishing the Group's first manufacturing base on the African continent.

Implied Equity Value: €16.2m

The Target

Naturplas Industrial is a Moroccan manufacturer specializing in the production and commercialization of plastic films for agricultural applications. The company operates a manufacturing facility in Tetouan which recently completed an equipment upgrade that more than doubled its production capacity alongside a dedicated distribution center in Agadir.

Revenue – 2025: €12.5m

The Buyer

Plastika Kritis is a Greece-based industrial group specializing in the manufacturing of agricultural films and specialized plastics.

Revenue – 2025: €392.7m

EBITDA – 2025: €64.0m

Net Income – 2025: €38.8m

Net Debt – 2025: (€62.3m)

REAL ESTATE

Trade Estates Completes Acquisition of 50% Stake in Sofia South Ring Mall for €49.4m

Trade Estates, through its subsidiary Trade Estates Cyprus, has completed the acquisition of a 50% stake in Vyner for a total consideration of €49.4m. The seller, Wyldes, is a 100% owned subsidiary of Fourlis Group, which holds 47.08% of Trade Estates. Through this transaction, Trade Estates indirectly acquires a 50% interest in Sofia South Ring Mall. The investment aligns with the buyer's strategy to expand its retail property portfolio in Bulgaria.

Implied Equity Value: €98.7m

The Target

Sofia South Ring Mall is a commercial retail destination located in Sofia, Bulgaria. The property is developed on a c. 64,500 sqm land plot and features a Gross Building Area (GBA) of approximately 174,500 sqm, which includes 69,000 sqm of Gross Leasable Area (GLA). The asset maintains a 98% occupancy rate and hosts over 180 domestic and international retail tenants.

The Buyer

Trade Estates is a real estate investment company specializing in the acquisition, development, and management of commercial retail parks and omnichannel properties.

Revenue – 2025: €51.9m

EBITDA – 2025: €49.0m

Net Income – 2025: €39.9m

Net Debt – 2025: €268.7m

Leverage – 2025: 5.48x

RUMOURS AND OTHER DEVELOPMENTS

1) Quest Holdings Initiates IPO Process for Uni Systems

Quest Holdings has formally initiated the process for the public offering and listing of Uni Systems on Euronext Athens. The corporate action involves the secondary offering of a portion of existing shares, alongside a potential parallel private placement to select investors. The company has completed the majority of the preparatory regulatory adaptations, with the submission of the draft prospectus to the Hellenic Capital Market Commission expected imminently. AXIA Ventures Group and Euroxx Securities have been appointed as joint coordinators for the transaction.

2) Competition Commission Approves the Acquisition of Sole Control of El-Pack by Dunapack

On 30 October, the Competition Commission gave the green light to Dunapack to acquire El-Pack, as it states that the concentration does not raise serious doubts. The two companies’ activities are vertically linked in containerboard, corrugated board and corrugated boxes.

3) CrediaBank Completes Acquisition of c. €37.4m Re-Performing Mortgage Portfolio

CrediaBank acquired a portfolio of re-performing loans (RPLs), primarily residential mortgage loans, with a gross book value of c. €37.4m, from the portfolio “Jewel” securitized under the “Hercules” program and serviced by Cepal Hellas S.A. CrediaBank's financial advisor in the transaction was PwC. The transaction, which is the first transfer of a re-performing mortgage portfolio directly to a bank, restores more than 800 borrowers’ access to the banking system.

4) Competition Commission Clears Joint Control of Korres by Halcyon and Herbarium Holding

The Hellenic Competition Commission unanimously approved the acquisition of joint control of natural cosmetics producer Korres by Halcyon Equity Partners and Herbarium Holding, the vehicle of founder Giorgos Korres. The Commission found no horizontally affected markets or vertical links between the parties’ activities.