Weekly M&A Debrief (16-22/2/2026)

By Nikos Tsolakis, Dimitris Chatziasimiadis, Stavroula Bichta, Dimitris Machairas, Angeliki Stampouli and Thanasis Ntatsis

TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

1) Q&R Acquires 51% Stake in MTIS

Quality & Reliability (Q&R) has reached an agreement to acquire a 51% majority stake in maritime technology firm MTIS for €2.7m. This acquisition allows the IT group to expand its footprint into the highly specialized maritime and shipping software sector, aligning with its recent strategy of penetrating new vertical markets through targeted buyouts.

Enterprise Value: €5.3m

Transaction Value: €2.7m

EV/Revenue: 2.65x

The Target

MTIS (Maritime Technology Innovative Solutions) is a Greek technology company that specializes in the digital transformation of the shipping industry. The firm provides advanced IoT platforms, data analytics, and performance monitoring solutions designed to optimize fleet operations and improve maritime energy efficiency.

Revenue – 2024: €2.0m

EBIT – 2024: €1.0m

The Buyer

Quality & Reliability (Q&R) is a long-established Greek IT and software solutions provider listed on the Athens Stock Exchange. The company has been on an active acquisition spree (having recently acquired stakes in companies like SysteCom, SquareDev, and Alexander Moore to build a comprehensive tech ecosystem encompassing AI, cybersecurity, ERP, and now maritime tech.

Revenue – 2024: €15.0m

EBITDA – 2024: €2.4m

INFRASTRUCTURE

1) CVC Capital Partners Taps Goldman Sachs for $1bn Sale of D-Marin

Private equity giant CVC Capital Partners is gearing up to exit its investment in D-Marin, the premium luxury marina operator. Reports confirm that CVC has enlisted Goldman Sachs to manage the potential disposal, signaling a major upcoming transaction in the maritime infrastructure and luxury tourism space. Sources value the potential deal at approximately $1.08bn (c. €1bn). Since acquiring D-Marin in 2020, CVC has spent the last few years aggressively expanding the company's portfolio across the Mediterranean and the Gulf. A formal auction process is expected to draw heavy interest from infrastructure funds, sovereign wealth funds, and global maritime real estate investors looking for premium, cash-generating coastal assets.

The Target 

D-Marin is a leading global operator of high-end marinas, managing a vast network of berths and luxury maritime facilities. Its portfolio includes a heavy, highly strategic footprint in Greece, as well as top-tier marinas in Turkey, Croatia, Italy, Spain, and the UAE.

The Seller 

CVC Capital Partners is one of the world's leading global alternative investment managers. The firm's decision to explore a sale aligns with the standard private equity lifecycle, aiming to monetize the significant geographic expansion and operational scale achieved during its holding period.

2) Blackstone Acquisition of Fraport Greece Stake

Blackstone, through its Blackstone Infrastructure Strategies arm, has acquired a 10% stake in Fraport Greece for c. €200m. This investment, purchased from the investment firm Marguerite upon the completion of its investment cycle, provides Blackstone with direct exposure to 14 regional Greek airports under a 40-year concession agreement.

Enterprise Value: c. €2.0bn

Transaction Value: c. €200.0m

The Target

Established in 2017, Fraport Greece is a leading infrastructure operator managing a 40-year concession for 14 regional airports across the Greek mainland and islands. Originally formed as a joint venture between Fraport AG, Copelouzos Group, and Marguerite, the company specializes in the modernization and strategic management of aviation assets. By integrating state-of-the-art technology and sustainability, it serves as a primary catalyst for Greece’s tourism and regional economic growth.

Revenue – 2024: €51.4m

EBITDA – 2024: €3.6m

Net Income – 2024: €2.4m

Net Debt – 2024: (€16.5m)

The Buyer

Blackstone is the world’s preeminent alternative asset manager, overseeing more than $1tn in AUM. Leveraging a global footprint of 13,000+ real estate assets and more than 250 portfolio companies, the firm executes high-conviction investments in dynamic sectors to deliver long-term value for institutional and individual investors.

REAL ESTATE

1) Alpha Bank London Completes £40m Residential Property Transaction.

Alpha Bank London has successfully completed the financing of a £40m residential property transaction in London, marking one of its most significant real estate engagements to date. The transaction involved complex corporate structures, offshore jurisdictions and extensive property due diligence, requiring coordinated execution across the Bank’s Real Estate Finance, Credit and Operations teams. Legal support was provided by Wedlake Bell.

OTHER

1) Elikonos 3 and GRP Ventures Invest in Ribco S.A.

Elikonos 3 S.C.A. SICAV-RAIF and GR Pioneer Venture Capital Mutual Fund have announced an investment in Ribco S.A, forming a strategic partnership aimed at accelerating the company’s next phase of growth. The transaction provides growth capital to expand manufacturing capacity, optimize operations, and reinforce Ribco’s international commercial footprint. Beyond financial backing, the investors are expected to contribute strategic guidance, governance support, and access to international networks, positioning Ribco to scale efficiently while preserving its premium brand identity.

The Target 

Founded in 1994, Ribco S.A. is a Greece-based designer and manufacturer of high-performance rigid inflatable boats (RIBs), recognized for combining advanced naval architecture with refined craftsmanship. The company serves both leisure and professional markets, offering models known for speed, seaworthiness, and premium finishes.

Revenue – 2024: €10.5m

EBITDA – 2024: €2.0m

Net Income – 2024: €1.4m

2) Ideal Holdings Terminates Rodoula Acquisition Over Valuation Disparity

Ideal Holdings has terminated negotiations for the acquisition of a 60%–70% stake in Rodoula after failing to reach an agreement on valuation. Despite six months of due diligence, the earnings multiple requested by the Karahalios family were deemed incompatible with the Group’s EBITDA-based return projections and disciplined investment criteria.