Weekly M&A Debrief (12/10/2026-18/10/2026)

By George Moschovis and Theodoros Kouzigiannis

FOOD SERVICE

Recipe Unlimited to Acquire Evergood from Vivartia

Recipe Unlimited, a Canadian strategic investor owned by Fairfax, has agreed to acquire 100% of Evergood, the food service division of Vivartia. The transaction is valued by the press at c. €300.0m and is expected to close before the end of the year, pending standard regulatory approvals.

Enterprise Value: €300.0m

EV/EBITDA: 7.50x

EV/REVENUE: 1.00x

The Target

Evergood operates as a food service group in Greece, managing a network of 596 points of sale under brands such as Goody’s Burger House, Everest, Flocafé, La Pasteria, and Jackaroo. The company maintains food production and catering facilities, alongside an international franchise.

Revenue – 2025: €299.6m

EBITDA – 2025: €40.0m

Net Debt – 2025: €140.0m

Leverage – 2025: 3.50x

The Buyer

Recipe Unlimited is a full-service restaurant company operating for more than 100 years, with more than 1,100 restaurants globally. The company manages 18 distinct brands and operates as the food service arm of the Canadian holding company Fairfax.

AUTOMOTIVE

Petros Petropoulos to Acquire Tzortzis for €6.5m

Petros Petropoulos signed a definitive agreement to acquire 100% of Tzortzis, a Jaguar Land Rover retailer and service provider in Attica, for €6.5m, following the term sheet signed in September 2026. €2.6m is payable at completion and the remaining €3.9m in three equal annual instalments, with completion subject to Hellenic Competition Commission approval and the demerger of the target’s real estate division. The acquisition extends the buyer, the official Jaguar Land Rover importer in Greece, into retail sales and servicing of the brand.

Enterprise Value: €6.5m

EV/EBITDA: 3.74x

EV/Sales: 0.34x

The Target

Tzortzis is the oldest operating authorised Jaguar Land Rover retailer and service provider in Greece, with two locations in Attica and 31 employees.

Revenue – 2025: €19.1m

EBITDA – 2025: €1.7m

Net Income – 2025: €0.9m

Net Debt – 2025: (€2.0m)

The Buyer

Petros Petropoulos is a Greece-based listed group, founded in 1922, that distributes and supports vehicles, engines, agricultural and industrial machinery, lubricants and energy products. It is the official importer of Jaguar Land Rover in Greece.

Revenue – 2025: €231.1m

EBITDA – 2025: €18.4m

Net Income – 2025: €7.9m

Net Debt – 2025: €32.7m

Leverage – 2025: 1.78x

FINANCIAL SERVICES

National Bank of Greece to Acquire 30% of Allianz European Reliance

National Bank of Greece signed a share purchase agreement with Allianz SE to acquire 30% of Allianz European Reliance, following a May 2026 memorandum. The consideration was not disclosed, and completion is subject to regulatory approvals. The parties also agreed an exclusive bancassurance partnership, starting in early 2027.

The Target

Allianz European Reliance, wholly owned by Allianz SE, offers life, health and general insurance in Greece and Cyprus.

Net Revenue from Insurance – 2025: €38.6m

Net Income – 2025: (€2.2m)

Total Equity – 2025: €252.1m

The Buyer

National Bank of Greece is a Greece-based listed bank, founded in 1841.

Total Income LTM Q2 2026: €2.7bn

Net Income LTM Q2 2026: €1.5bn

RUMOURS AND OTHER DEVELOPMENTS

1) Aktor Completes €45.55m Acquisition of CAMPUS Office Complex in Paiania

Aktor, through subsidiary AKTORSTONE, completed the acquisition of the CAMPUS office complex in Paiania, Attica, from Evropi Holdings for €45.55m. The complex comprises c. 30,300 sqm of buildings on c. 62,600 sqm of land and already houses most of Aktor Group’s operations. Existing leases remain in force.

2) Orilina Properties Signs Preliminary Agreement to Sell Nea Kifisia Office Complex for €44.54m

Orilina Properties signed a preliminary agreement to sell its Nea Kifisia office complex to an undisclosed buyer for €44.54m. The 30,703 sqm complex is let under long-term leases, with the final contract expected by the end of 2026.