Weekly M&A Debrief (13-19/04/2026)

By Dimitris Machairas and George Moschovis

FOOD & BEVERAGE

1) Elikonos 3 Invests in Vamvalis Foods

Elikonos 3 S.C.A. SICAV-RAIF, a fund managed by Elikonos Capital, completed an investment in Vamvalis Foods S.A., a Thessaloniki-based processor of nuts, dried fruits and cereal bars. The company operates under private label for European retail and wholesale groups as well as its own brands such as Pellito, Instabar and Terrabites. Proceeds from the transaction will be used for production automation, capacity expansion, development of the company's proprietary brands and geographic expansion in domestic and international markets. The financial terms of the deal were not disclosed.

The Target

Vamvalis Foods is a Greek food processor based in Kalohori, Thessaloniki, operating since 1970. The company produces nuts, dried fruits and cereal bars, primarily under private label for European retail and wholesale groups, alongside its own brands Pellito, Instabar and Terrabites. Exports account for the majority of revenue, across more than 35 countries.

Revenue – 2024: €44.4m

EBITDA – 2024: €3.4m

Net Income – 2024: €0.3m

Net Debt – 2024: €18.0m

Leverage – 2024: 5.29x

The Buyer

Elikonos Capital is an Athens-based alternative investment fund manager, active since 2012. The firm has raised four investment vehicles with aggregate commitments exceeding €300m. Elikonos 3 S.C.A. SICAV-RAIF invests in Greek SMEs and mid-caps, with limited partners including the Hellenic Development Bank of Investments (HDBI), the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD).

TECHNOLOGY

1) Austriacard Holdings Sells 25% Stake in Seglan to Diusframi for €2.25m

AUSTRIACARD HOLDINGS AG has signed a Share Purchase Agreement for the disposal of its 25% minority stake in Madrid-based SEGLAN S.L., a private provider of payment software and transport ticketing platforms, to Spanish payments-services group DIUSFRAMI S.A. for a total cash consideration of €2.25m. The SPA was executed on 07.04.2026, with Austriacard also receiving a pre-closing cash dividend of approximately €0.3m declared by Seglan's General Meeting on 01.04.2026. The divestment is part of Austriacard's portfolio-streamlining efforts, under which the group is reallocating resources toward core activities and retaining investments only in businesses where it holds an active operational role and sees a clear strategic fit.

Transaction Value: €2.3m

Implied Equity Value: €9.0m

The Target

SEGLAN S.L. is a Madrid-based private technology company, incorporated in 1990, active in payment software and public-transport ticketing platforms, with clients in Europe and Latin America. Its product suite includes 3D Secure, card-on-file tokenization and PIN-on-Glass solutions, alongside a centralized ticketing platform.

The Buyer

DIUSFRAMI S.A., headquartered in Getafe, Madrid, is a privately held Spanish services group providing payment methods, digital consulting, process outsourcing, technology and operations services, with a core historical focus on the installation and maintenance of card-payment terminals, POS systems and card personalization. The group operates internationally across Spain, Portugal, Mexico and Colombia, with approximately 1,000 employees.

RUMOURS AND OTHER DEVELOPMENTS

1) DGroup and Bright Group Near Acquisition of Historic School in Northern Suburbs

DGroup, led by Dr. Dimitris Derpanis, and Bright Group, led by Giorgos Poulopoulos, are nearing the acquisition of a private school in Athens' northern suburbs. The deal is expected to close within the next month. The two groups have outlined a €52m investment program, to be funded entirely with equity, aimed at creating Greece's first vertically integrated private education entity spanning nursery through to university level, including a medical school. The identity of the target school has not been disclosed.

2) TREK Development explores acquisitions following strong earnings growth

TREK Development is reportedly preparing 2-3 acquisitions in 2026, with advanced discussions already underway with a target in the professional services sector. The company is also exploring opportunities in construction and energy, as part of its broader growth strategy. This comes alongside strong recent performance, with the company reporting a 110.9% increase in EBITDA and a nearly 30% growth in revenue, supporting its M&A ambitions. No specific targets or further details have been disclosed, and any potential transactions are early stage and subject to further developments. 

3) EIF invests in Sporos Platform through EquiFund II

The European Investment Fund (EIF) has invested in Sporos Platform through EquiFund II, joining existing institutional investors and strengthening the platform’s capital base. The investment supports Sporos’s strategy to back circular economy businesses, combining impact objectives with financial returns.