Weekly M&A Debrief (16-22/06/2025)

By Nikos Tsolakis, Thanasis Ntatsis and Zeynep Giousemoglou

Plenty of action in the Greek M&A scene this week, as Nikos Vardinogiannis is set to complete 2 minority investments through his family office and subsidiary respectively, Alpha Bank increases its exposure to real estate through Prodea and Qualco expands its capabilities through the Empedus acquisition.

This week's article features a foreign transaction as well, due to the fact that the sell-side advisor was a dynamic and growing Greek M&A boutique, Alma Advisors. We are looking forward to covering more such deals as its a sign that the Greek advisory practice is growing.

Family office acquires minority stake in YalcoTrading

The Deal: Tethys, N.Vardinogiannis family office, acquired 49% of the glass and household products trading company, Yalco Trading, for €3 mn., implying a valuation of c. €6.1 mn. Tethys reached an agreement with Sohanalo to acquire a minority stake in Yalco Trading as it saw significant potential for top line expansion driven by significant working capital investments. Currently, Yalco Group is undergoing a restructuring process that requires extensive loan refinancing, while the participation of a strategic investor could be considered in the foreseeable future.

Transaction Value: €3 mn.

Implied EV: €6.1 mn.

Implied EV/Sales: 1.53x

The Target: Yalco Trading was formed through a Yalco Group spin-off of its glass, household and professional products trading operations in late 2024. Up until this transaction its main shareholders were Yalco Group with a 51% stake and Sohanalo controlling the remaining 49%. In December 2024, the Yalco Group announced a share capital increase of its then 100% subsidiary Yalco Trading, through which Sohanalo would acquire 33% of the company and an additional 16% would be sold to the new shareholder for €1 mn. 

Revenue - 2024: c. €0.03 mn. 

EBITDA - 2024:  c. (€0.15) mn. 

Net Income - 2024: c. (€0.03) mn. 

The Buyer: Tethys Equity Limited is Nikos Vardinogiannis’ family office that invests in several sectors including hotels. 

Revenue - 2023:  N/A

EBITDA - 2023: N/A

Net Income - 2023: N/A

AVE is looking to acquire minority stake in Bazaar S.A.

The Deal: AVE Group, through its subsidiary Retail & More, is eyeing a 40% stake in the F&B retailer Bazaar S.A. The value of the transaction is rumoured to be in the €22-32 mn. range, effectively valuing the company at €55-80 mn. As of now the deal is in the due diligence stage and the final terms and the consideration are expected to be finalized in a few months. “Small” retail is a very hot sector in Greece as small supermarkets grew at c. 10% in the first half of 2025.

Transaction Value: €22-32 mn. 

Implied EV: €55-80 mn.

Based on 2023 financials:

Implied EV/Sales: 0.22x-0.33x 

Implied EV/EBITDA: 6.96x-10.12x

Implied EV/Net Income: 12.44x-18.1x

The Target: Bazaar S.A. is a supermarket chain that mainly owns small convenience stores. In total the company operates 190 stores, of which 70 are franchise branches. Giorgos Veroukas has been the sole owner of Bazaar since 2022 when his brother Dimos Veroukas passed. 

Revenue - 2024: >€250 mn.

Revenue - 2023: €245 mn.

EBITDA - 2023: €7.9 mn.   

Net Income - 2023: €4.4 mn.

The Buyer: Retail & More is significantly smaller than Bazaar, as it operates 46 stores under the Carrefour brand name in Greece. AVE Group owns the franchise rights of Carrefour in the Balkan region and it has been active in expanding it by opening 13 new stores in Bulgaria. 

Revenue - 2024: 10.9 mn.   

Revenue - 2023: €4.1 mn.    

EBITDA - 2024: (€1.9) mn.   

Net Income - 2024: (€2.4) mn. 

Alpha Bank increases stake in Prodea 

The Deal: Alpha Bank acquired 12.7 mn. shares of the listed real estate company, Prodea in an effort to further diversify its revenue streams. This transaction increased Alpha Bank’s stake in Prodea from 4.90% to 9.87%. No significant effect in the bank’s capital adequacy ratios is expected.

The Target: Prodea Investments engages in real estate investments and is listed on the Athens Stock Exchange. 

Revenue - 2023: €168.9 mn.

EBIT - 2023: €163.8 mn.

Net Income - 2023: €73.8 mn.  

Qualco acquires Empedus 

The Deal: Qualco Group, through its subsidiary Quento, acquired Empedus S.A., a technology and management consulting firm with a focus on business transformation. The total consideration comes up to €7 mn. of which €4.5 mn. will be paid out initially, whereas there will be a minimum earnout of €2.5 mn. contingent on the firm’s 2027 financial performance. The initial payout of €4.5 mn. corresponds to 75% of the company’s equity resulting in a valuation of €6 mn., which increases to €7 mn. after  the earnout provision. The acquisition gives Qualco access to automation tools expected to significantly enhance its service offerings. 

Transaction Value: €7 mn. (€4.5 + €2.5 mn. earnout)

Implied EV: €7 mn.

Based on 2023 financials:

Implied EV/Sales: 1.1x

EV/EBITDA: 5.64x

Implied EV/Net Income: 7.54x

The Target: Empedus S.A. is a digital solutions provider for enterprises and it was founded in 2016 by Thomas Mavroudakis, current CEO. Its main services include: i) ServiceNow, aimed at increasing operational efficiency, ii) AWS RoboMaker, facilitates the development, testing  and deployment of intelligent robotic applications, and iii) Training, provides effective and customizable training to clients. The company operates in key Balkan markets such as Greece, Cyprus and Romania as well as developed European countries like Italy, Belgium, Luxembourg and Sweden.

Revenue - 2023: €6.4 mn.

EBITDA - 2023: €1.3 mn.

Net Income - 2023: €0.9 mn.

The Buyer: Qualco Group S.A. provides fintech solutions to banks and other financial institutions for over 25 years. The company was recently listed in the Athens Stock Exchange through an IPO process, raising over €47 mn. to fuel its expansion plans through M&A. Its main offerings include end-to-end software solutions, Platform as a Service and portfolio management solutions. The company’s clientele includes several international financial institutions ranging from alternative investments managers such as Bain Capital to multinational banks such as BNP Paribas.  

Revenue - 2024: €183.8 mn.

EBITDA - 2024: €38.3 mn.

Net Income - 2024: €15.6 mn.  

Foreign Deal of the Week: Audaxi acquires TPS to boost international presence

Financial Advisors: Alma Advisors (TPS)

The Deal: Auxadi, a Spanish business services provider, acquired TPS, a transfer pricing advisory company headquartered in Madrid. This acquisition improves Auxadi’s capabilities in the complex transfer pricing sector, while also expanding the company’s market coverage as TPS operates 7 offices in 2 continents and serves clients in every region of the world. Auxadi’s goal is to become a “one-stop” shop for international clients seeking support for related party transactions.

The Target: TPS is a Spanish transfer pricing advisory firm headquartered in Madrid. Founded by José A. Otero and Claire Sanga in 2010, the firm has built a strong reputation covering clients in multiple sectors including Energy, Manufacturing, Pharmaceuticals, Financial Services and others. TPS currently has over 140 clients and its core services include documentation, APAs, risk assessment and CbCR.

Revenue: N/A

EBITDA: N/A

Net Income: N/A

The Buyer: Auxadi is a private equity-backed business services provider headquartered in Spain. Founded by Victor M. Salamanca Carrasco and Emilio Llamas Castaño in 1979 the company has a long track record providing corporate services such as accounting, payroll, tax, cash management and transfer pricing to both local and foreign clients. In 2009, after Victor Salamanca Jr. became CEO, Auxadi expanded in France and Latin America signaling a long period of international growth. In 2020, the middle market private equity firm, Inflexion, acquired a minority stake in Auxadi due to its strong position in key markets such as Iberian peninsula and Latin America. Inflexion’s goal is to help Auxadi grow internationally through M&A, with 2 deals already completed, as the latter acquired RESOLVE in 2021 and TPS in 2025. 

Revenue: c. €29 mn.

EBITDA: N/A

Net Income: N/A