Weekly M&A Debrief (12-18/05/2025)

Howden acquires CERESOLE

By acquiring CERESOLE Insurance Agents, a company renowned for its expertise in foreign health coverage, yachting, property, liability insurance, international insurance, and reinsurance Howden aims to expand its Greek portfolio.

With over 80 years of combined business experience, CERESOLE contributes extensive knowledge, lasting client connections, and a solid reputation for providing upscale services. This acquisition aligns with Howden's strategic goal of strengthening its sector-driven capabilities in Greece through investments in skilled personnel and specialist products.

MEGA Brokers Acquires Athinaiki Insurance Agents

MEGA Brokers acquired Athinaiki Insurance Agents M.I.K.E., a business with more than 30 years of experience in consulting and insurance program management, as a calculated step to strengthen its position as the market leader in Greece's insurance sector. 

The acquired business will profit from MEGA's innovative capabilities and digital infrastructure while continuing to operate smoothly, guaranteeing continuity for partners and customers.

Halcyon Equity Partners Invests in Evoiki Zimi.

The acquisition of Evoiki Zimi, the manufacturer of the well-known Zymi Psachnon goods, by Halcyon Equity Partners is a major private equity deal in the Greek food industry.

Evoiki Zymi, with roots in traditional Greek recipes and a broad range of exports to more than 20 countries, is expanding automation and food safety standards with the opening of a new 7,000 square meter production facility in Schimatari. With Halcyon's help, the company's international expansion, ESG efforts, and transition into a leader in next-generation food manufacturing will all pick up speed.

Halcyon Equity Partners invests in AlfaOmega.

The strategic investment that Halcyon made in AlfaOmega S.A., a prominent supplier of 3PL and 4PL logistics services to the Greek pharmaceutical industry, was also disclosed. AlfaOmega, which was founded in 2008 and has its headquarters in Aspropyrgos, runs a fleet of temperature-controlled cars, serves more than 13,000 delivery locations around the country, and oversees 27,000 square meters of warehouse space that will eventually grow to 54,000 square meters.

AlfaOmega is positioned for expansion in the face of growing health sector investment and pharma exports, and it is essential in the safe and legal distribution of pharmaceuticals throughout Greece. The investment from Halcyon will help with automation, service diversification, warehouse expansion, and the adoption of cutting-edge sustainability and quality standards.

Leader acquires Ellinikes Farmes.

In the meantime, Ellinikes Farmes, a Rethymno-based manufacturer of cheese and plant-based drinks, has been acquired by dairy company Leader. The purchase, announced to the Hellenic Competition Commission on May 9th, is in line with Leader's plan to diversify its holdings in response to shifting consumer preferences.

Despite a 15% year-over-year drop in revenues to € 67.7m in 2023, Leader's gross margin remained stable at 16%, with EBITDA coming in at € 5.09m. Ellinikes Farmes offers steady profitability, export experience, and access to a rapidly expanding market despite its small stature (€ 27.1m sales, € 798.5k net profit).

The agreement, pending regulatory approval, will strengthen Leader's position in the conventional and plant-based dairy categories, opening the door for new product development and global growth.

Indico Marine acquires a stake in Kyriakoulis Mediterranean Cruises 

On May 12th, Kyriakoulis S.A. announced that Indico Marine acquired 26.75% of the company’s shares from 3 members of the Kyriakoulis family, including the CEO and the chairman of the company. It is expected that Kyriakoulis S.A. will go through with a share capital increase, which will give the chance to Indico Marine to further increase its stake in the company. 

It is evident that Indico Marine will play an active role in Kyriakoulis’ strategy planning as the latter is seeking a way back to profitability. Additionally, through the upcoming share capital increase Kyriakoulis’ will have the chance to finance its working capital needs as well as expand its operations.