Weekly M&A Debrief (06-12/07/2026)

By Dimitris Machairas and George Moschovis

INFORMATION TECHNOLOGY

QnR Acquires 51% Stake in E-XIM IT for up to €6.9m

Quality & Reliability (QnR), agreed to acquire a 51% stake in E-XIM IT, a Poland-based digital transformation company listed on the Warsaw Stock Exchange's alternative market. The consideration of up to c. €6.9m is payable in five instalments, two fixed and the rest earnout-linked, with an option over a further 31.62% in 2029 and 58% of voting rights acquired. The acquisition marks QnR's entry into the ServiceNow ecosystem and establishes a hub for expansion into Central and Eastern Europe.

Transaction Value*: €6.9m

Implied Enterprise Value*: €13.5m

EV/Revenue: 3.46x

*Based on maximum consideration incl. earnout instalments

The Target

E-XIM IT, founded in 2014 and headquartered in Warsaw, designs, implements and supports digital transformation projects with specialisation in the ServiceNow platform, holding ServiceNow Elite Partner (Reseller) and Premier Partner (Consulting & Implementation) accreditations, and serving long-term contracts across the banking, manufacturing, pharmaceutical, fuel and insurance sectors.

Revenue – 2025*: €3.9m

EBITDA – 2025*: (€0.9m)

Net Income – 2025*: (€0.7m)

*Converted at EUR/PLN 4.33

The Buyer

Quality and Reliability (QnR), together with its subsidiaries, delivers integrated information systems for large and mid-size enterprises in the public and private sector in Greece and internationally. It offers software development, system integration, enterprise solutions, and cloud applications services.

Revenue – 2025: €21.0m

EBITDA – 2025: €2.7m

Net Income – 2025: €0.6m

Net Debt – 2025: (€4.1m)

INFRASTRUCTURE

CVC Exits D-Marin in €1bn+ Sale to InfraVia

CVC Capital Partners agreed to sell D-Marin, one of the leading premium marina operators in the EMEA region, to French infrastructure investor InfraVia Capital Partners. While financial terms were not officially disclosed, the transaction is reported to value D-Marin at between €1.0 billion and €1.5 billion, representing a significant return on CVC's investment following its acquisition of the business in 2020. Under CVC's ownership, D-Marin expanded from its traditional markets into Spain, Italy, France, Malta and Albania, growing its network to 28 premium marinas across nine countries. The acquisition reflects continued investor appetite for marina infrastructure, supported by strong demand for yacht berths and limited new supply across the Mediterranean.

The Target

D-Marin is a leading premium marina operator headquartered in Athens, managing a network of 28 marinas across nine countries in the Mediterranean and the Middle East. The company offers more than 14,300 berths and serves over 50,000 customers annually, providing marina management, yacht services and related marine infrastructure.

Revenue – 2024: €33.6m

EBITDA – 2024: €16.4m

Net Income – 2024: €7.3m

Net Debt – 2024: €45.6m

Leverage – 2024: €2.78x

The Buyer

InfraVia Capital Partners is an independent French infrastructure and private equity investment firm founded in 2008. The firm manages more than €17 billion in assets across infrastructure, real estate, technology and critical metals, investing in long-term essential assets throughout Europe. The acquisition of D-Marin expands InfraVia's infrastructure portfolio and marks its entry into the premium marina sector.

FOOD & BEVERAGE

Halcyon Equity Partners Invests in Kayak

Halcyon Equity Partners announced a strategic investment in Kayak S.A., the Greek producer of premium ice cream, frozen yogurt and desserts. Financial terms of the transaction, including the size of the acquired stake, were not disclosed. The investment is expected to support Kayak's next phase of growth through international expansion, increased production capacity and product innovation, while also underpinning a strategy of targeted acquisitions aimed at consolidating the premium ice cream and frozen dessert market in Greece and selected international markets.

The Target

Kayak is a Greek premium ice cream and frozen dessert producer founded in 1993. The company develops and distributes artisanal ice cream, frozen yogurt and dessert products through retail, foodservice and export channels, with a growing international presence and a strong focus on premium positioning and product innovation.

Revenue – 2024: €12.0m

EBITDA – 2024: €1.7m

Net Income – 2024: €0.6m

Net Debt – 2024: €2.9m

Leverage – 2024: 1.71x 

The Buyer

Halcyon Equity Partners is a Greek private equity firm focused on investing in small and medium-sized businesses with strong growth potential. The firm targets founder-led companies across sectors including consumer, healthcare, technology, business services and industrials, providing growth capital and strategic support to accelerate expansion and long-term value creation.

RUMOURS AND OTHER DEVELOPMENTS

1) Kos Biotechnology Partners Plans Healthcare Growth Fund and Biodefense Investments

Kos Biotechnology Partners, a Greek life sciences-dedicated VC firm based in Athens and New York, is considering launching a healthcare-focused growth fund targeting Series C and crossover rounds and is evaluating investments in biodefense (dual-use antidotes, vaccines and threat-detection technologies). Having exceeded its €100m target, with commitments of $123m (€106m) at the third closing of its debut fund led by the Hellenic Development Bank of Investments, the firm has completed two investments and is targeting a portfolio of 15-20 companies.

2) Eurobank and Inbank Establish 50/50 Embedded Finance Joint Venture in Greece

Eurobank and Inbank, an Estonia-based fintech, signed an agreement to establish a 50/50 joint venture creating an embedded finance platform in Greece, offering BNPL, sales finance and consumer lending products. The venture combines Eurobank's local presence, customer reach and funding capabilities with Inbank's technology platform, which spans 7 European markets, c. 6,200 merchant partners and c. 847,000 active contracts. The parties have initiated licensing with the Bank of Greece for a Credit Company, with commercial launch expected in Q1 2027.

3) Trastor Continues Capital Recycling Strategy with €4.1m Asset Disposal

Trastor (TRASTOR) completed the sale of an underground parking facility within the "Aithrio" shopping centre in Maroussi for €4.05 million, representing an 18.8% premium to its latest independent valuation. The disposal marks the company's third asset sale in 2026 at a price above book value, reinforcing management's strategy of monetising non-core assets and recycling capital into higher-growth segments. Management stated that proceeds from the transaction will be redeployed into prime office buildings and green logistics assets, supporting the ongoing upgrade of Trastor's portfolio quality and long-term value creation. The sale follows similar disposals completed earlier this year at premiums of 10% and 19.7%, highlighting continued demand for quality commercial real estate assets.