Weekly M&A Debrief (20-26/04/2026)

By Dimitris Machairas and George Moschovis

REAL ESTATE

1) Extendam and Redcliffe Capital Acquire Radisson Blu Zaffron Resort in Santorini from Fais Group for €28.3m

A joint investment vehicle comprising four funds managed by Extendam and Redcliffe Capital has signed a binding agreement to acquire 100% of the share capital of L.S. Santorini Kamari Xenodocheiaki S.A for €28.3m. The company is a subsidiary of Fais Group and owns the Radisson Blu Zaffron Resort in Kamari, Santorini. Of this amount, approximately €16.8m comprises the loans and liabilities of the target, with the remaining €11.5m to be paid to the owner. The disposal forms part of Fais Group's strategic realignment towards its core retail and international brand distribution activities.

Implied Equity Value: €11.5m

Implied Enterprise Value: €28.3m

EV/EBITDA: 31.44x

EV/Revenue: 5.90x

The Target

L.S. Santorini Kamari Xenodocheiaki A.E. is a Greek special-purpose hospitality company wholly owned by Fais Group and registered in the municipality of Alimos. The company owns and operates the Radisson Blu Zaffron Resort in Kamari, Santorini, a 103-room property developed across four adjacent plots, which started operations in 2022 following an original development investment of approximately €15m, and is currently operated under a management agreement with the Mitsis Group.

Revenue – 2024: €4.8m

EBITDA – 2024: €0.9m

Net Income – 2024: (€0.7m)

Net Debt – 2024: €16.8m

Leverage – 2024: 18.56x

The Buyer

Extendam is a French private equity fund manager founded in Paris in 2012, specialising in the economy and mid-market hotel segment across Europe, with a portfolio of over 400 hotels and assets under management of approximately €5bn. Redcliffe Capital is a London-based investment firm focusing on hospitality and other asset-backed investments, acting as a co-investor. The two entities are acting jointly through a four-fund vehicle for the purposes of this acquisition.

2) Golden Age Capital Acquires Majority Stake in Moving Doors

Golden Age Capital, manager of the Golden Age Capital Private Equity Fund I, acquired a majority stake in Moving Doors, a technology-enabled operator of fully serviced and furnished apartments for medium-term stays, active in Athens and Cyprus and targeting expansion across Central and South-Eastern Europe. The investment is intended to accelerate Moving Doors' portfolio growth towards a target of 3,500 units, scale its digital platform, and support geographic expansion into new European markets. Alma Advisors acted as exclusive financial adviser to Moving Doors on the transaction, having previously advised the company on its initial capital raise. The financial terms of the transaction were not disclosed.

The Target

Moving Doors was founded in Cyprus in 2022, operating a platform of fully furnished and serviced apartments for stays of one month to one year or longer, targeting business professionals, digital nomads and mobile executives. The company currently manages over 500 apartments across Athens and Cyprus and operates a proprietary digital platform providing real-time data to landlords and a digital experience to tenants. Prior to this transaction, Moving Doors had raised a seed round of €1.1m led by Uni.fund alongside Genesis Venture and Venteri Capital.

The Buyer

Golden Age Capital is a Greek alternative investment fund manager overseeing the Golden Age Capital Private Equity Fund I, with assets under management in excess of €200m, backed by private investors, family offices, and institutional limited partners, including the Hellenic Development Bank of Investments (HDBI). The fund is led by Pericles Mazarakis, Founder and Managing Partner. The fund pursues majority stakes in fragmented Greek and South-Eastern European markets, deploying technology and operational expertise.

INDUSTRIALS

1) Cordia Acquires ZEB AEEY to Accelerate International Expansion and ESG Capabilities

Cordia acquired 100% of ZEB AEEY in April 2026 in a deal aimed at accelerating its buy-and-build strategy and international expansion in integrated building services, infrastructure, and energy services. While financial terms were not disclosed, the transaction gives Cordia full ownership of a Greek energy efficiency and sustainability advisory platform. This strengthens its capabilities in energy services and ESG-related solutions. The acquisition also supports cross-border growth in Southeast Europe, where the group has been scaling through a mix of organic growth and strategic acquisitions. Cordia has already surpassed €170m in revenues and is positioning itself as a consolidator in the facility management and energy services space.

The Target

ZEB AEEY was established in 2012 under the institutional framework governing Energy Service Companies (ESCOs), with a core focus on providing study, design, and installation services for energy management and energy efficiency solutions in non-residential buildings. The company is one of the first Greek energy service providers (ESCOs).

Revenue – 2024: €1.3m

EBITDA – 2024: (€0.8m)

Net Income – 2024: (€0.9m)

Net Debt – 2024: €0.2m

The Buyer

 Cordia operates in the sectors of integrated facility management, energy services, and electromobility, and has maintained an active presence in Greece since 2000.

Revenue – 2024: over €170.0m

EBITDA – 2024: over €10.0m

RUMOURS AND OTHER DEVELOPMENTS

1) Bally's Intralot in Discussions to Acquire Evoke plc for £225m

Bally's Intralot has confirmed that it is in active discussions with Evoke plc, owner of the William Hill and 888casino brands, regarding a potential offer for 100% of Evoke's share capital at £0.50 per share, implying an equity value of approximately £225.3m and a 29% premium to the prior closing price. The indicative offer is expected to comprise an all-share combination with a partial cash alternative. Bally's Intralot has until 17:00 London time on 18 May 2026 to announce a firm intention or walk away, with Evoke's board evaluating the proposal alongside its advisers, Morgan Stanley and Rothschild & Co. No offer has been made, and there is no certainty that one will be.

2) GEK Terna in Advanced Negotiations to Acquire 50% of Amfilochia Pumped Storage Project from Masdar for c.€75m

GEK Terna is reported to be in advanced negotiations to exercise a call option for a 50% stake in the Amfilochia pumped storage project, Greece's largest energy storage investment, a 680MW facility under construction in Aetolia-Acarnania with a total development cost of approximately €650m and an expected commercial launch in 2027. The consideration is reported at approximately €75m, with the stake expected to contribute revenues of approximately €45m and net income of approximately €13m annually to GEK Terna's consolidated results. The project is currently wholly owned by Terna Energy, a Masdar subsidiary following the Abu Dhabi developer's €3.2bn acquisition of Terna Energy in late 2024.