Weekly M&A Debrief (13-19/07/2026)

By Dimitris Machairas and George Moschovis

DEFENCE

EFA GROUP Acquires 100% of SSMART

EFA GROUP, a Greek defence-technology group, acquired 100% of SSMART, a specialist in radar systems and Combat Management Systems for naval platforms. Transaction terms were not disclosed. The acquisition strengthens EFA GROUP's radar and CMS capabilities and supports the group's goal of developing indigenous high-technology products for the Hellenic Armed Forces.

The Target

SSMART (Signaal Hellas), founded in 1994, is a Greek defence company specialising in radar systems, Combat Management Systems and electro-optical sensor integration for naval platforms. It has supported the Hellenic Navy's main surface combatants since 2016 and delivered projects across more than 15 international markets.

Revenue – 2025: €2.7m

EBITDA – 2025: (€0.1m)

Net Income – 2025: (€0.3m)

Net Debt – 2025: (€1.1m)

The Buyer

EFA GROUP is a Greek defence, security and aerospace technology holding group with over 30 years of operation and more than 90% of revenues derived from exports. Its portfolio includes Acromove, Realiscape, Wayren and Scywave, a Greek joint venture with Shield AI, and a 90% stake in Superior Air acquired in April 2026, as it builds toward becoming an integrated defence-technology group.

Revenue – 2024: €30.1m

EBITDA – 2024: €5.7m

Net Income – 2024: €4.6m

Net Debt – 2024: €15.0m

Leverage – 2024: 2.63x

RUMOURS AND OTHER DEVELOPMENTS

1) Thrivest Reduces CrediaBank Stake to 24.0% via €300m Placement

Thrivest Holding completed a secondary placement of 333.3 million CrediaBank shares, representing 16.7% of the bank's share capital, through an accelerated bookbuilding (ABB) process, reducing its ownership stake from 40.7% to 24.0%. The transaction was valued at approximately €300 million, with UBS Europe, Morgan Stanley Europe, Euroxx Securities and Pantelakis Securities acting as joint bookrunners. CrediaBank did not receive any proceeds from the offering, as the placement comprised existing shares. Following the transaction, Thrivest agreed to a new 90-day lock-up on its remaining stake.

2) Solon Merchant Capital Partners Completes Co-Investment in €390m Greek SME Loan Portfolio

Solon Merchant Capital Partners has completed a minority co-investment alongside funds advised by LCM Partnersin a €390 million secured Greek SME loan portfolio acquired from Lana Securitization S.à r.l. The portfolio comprises 862 loans to 169 borrower groups, primarily across the construction, real estate, hospitality, manufacturing and energy sectors, and is secured by more than 1,150 properties. The assets were originated by Alpha Bank, while Green Credit Services AEDADP, Solon's affiliated credit servicer, has been appointed to manage the portfolio. The transaction marks Solon's second loan portfolio acquisition and fifth investment from its inaugural fund.