Weekly M&A Debrief (12-18/1/2025)

By Nikos Tsolakis, Zeynep Giousemoglou, Stavroula Bichta, and Dimitris Machairas

FOOD & BEVERAGE

1) Elliniki Zymi: Add-On Deal Signals Exit Momentum

Vivartia’s Elliniki Zymi, controlled by CVC Capital Partners, completed a low-profile add-on acquisition in 2025 with the purchase of Trofognosia SA, a Crete-based frozen dough producer. The deal comes as Elliniki Zymi posted more than €160m in turnover and improved EBITDA, pushing indicative valuations above €400m. Market sources view the transaction as part of a broader buy-and-build strategy ahead of a potential private-equity exit. Founder Michalis Arampatzis retains a minority stake and is simultaneously developing Arzy Bakery, a separate growth platform in the bakery segment.

The Target

Trofognosia SA was founded in 1990 in Heraklion, Crete. It produces and markets frozen dough products, employing innovative techniques in its production and distribution, both in Greece and internationally.        

Revenue – 2024: €3.6m

EBITDA – 2024: €0.5m

Net Income – 2024: €0.3m

Net Debt/(Net Cash) – 2024: (€0.5m)

Leverage – 2024: nm 

The Buyer

Elliniki Zymi is a leading Greek food manufacturer specializing in bakery, dough-based, and frozen food products, operating well-known brands across both retail and foodservice channels in Greece and selected international markets. The company operates under the Vivartia group and, backed by CVC Capital Partners, has pursued a buy-and-build strategy

focused on scale, operational efficiency, and category leadership.

Revenue – 2024: €152.6m

EBITDA – 2024: €25.4m

Net Income – 2024: €25.7m

Net Debt/(Net Cash) – 2024: (€2.8m)

Leverage – 2024: nm 

MARITIME & SHIPPING

1) Diana Shipping pushes for takeover of Genco Shipping at $20.60 per share.

Diana Shipping submitted an all-cash offer to acquire Genco Shipping for $20.60 per share, a 23% premium. The bid is valuing the target at $1.1bn (EV) and will be financed through a debt package from DNB and Nordea. Genco’s Board unanimously rejected the offer and in response, Diana Shipping, which owns 14.8% of Genco, launched a proxy fight. The standoff took a turn when Genco responded with a "reverse" proposal with Diana Shipping immediately dismissing it as a delaying tactic intended to block their original bid.

Enterprise Value: $1.1bn

The Target

Genco Shipping & Trading Limited is a major U.S.-based shipowner specializing in the global seaborne transportation of dry bulk commodities. The company operates a fleet of 45 vessels, with an aggregate capacity of approximately 5.05 million dwt.

Revenue – 2024: $423.0m

Adj. EBITDA – 2024: $151.2m

Net Income – 2024: $76.5m

Leverage – 2024: 0.3x

The Buyer

Diana Shipping Inc. is a global provider of maritime transportation services, specializing in the ownership and bareboat charter-in of dry bulk vessels and its operational strategy is centered around short to medium term time charters. Its diversified fleet transports essential dry bulk commodities, including iron ore, coal, and grain, positioning the firm as a key player in international trade infrastructure.

Revenue – 2024: $228.2m

Net Income – 2024: $12.7m

REAL ESTATE

1) Cretan Investment Group (CIG) expands into Athens with Sale & Leaseback of Hilton Garden Inn

Cretan Investment Group (CIG) has finalized the acquisition of the Hilton Garden Inn Athens, Syggrou Avenue. The 4-star hotel was previously owned by Syggrou 115 SA. The deal was structured as a sale & leaseback transaction, ensuring that the hotel’s current management and operations remain unchanged. This transaction is part of CIG’s strategy to invest in mature hospitality assets in prime urban locations.

The Target (Asset)

The Hilton Garden Inn Athens Syggrou Avenue is a modern 129-room property that serves as the first Hilton Garden Inn branded hotel in Greece. The property features high-end amenities, including a rooftop bar and pool with panoramic views of the Acropolis, modern conference facilities, and a fitness center.

The Buyer

Cretan Investment Group (CIG), the investment arm of MK Hotel Collection. CIG specializes in the strategic acquisition and development of hospitality real estate, focusing on assets with sustainable yields and long-term value.

FINANCIAL INSTITUTIONS

1) Euroxx Denies Acquisition Rumors

Euroxx Securities S.A., the Athens-listed investment firm, officially denied recent press reports claiming it had received a takeover proposal from a bank. In a regulatory announcement to the Athens Stock Exchange, Euroxx stated that its major shareholders have not received any proposal to sell their shares, and the earlier media coverage does not reflect reality.