Weekly M&A Debrief (20-26/07/2026)

By Dimitris Machairas and George Moschovis

TMT

Motor Oil Acquires 50% of Nova ICT, Places 30% with EOS and Latsco

Motor Oil Hellas, through its subsidiary IREON Technologies, acquired Nova's 50% of Nova ICT for €60.5 million, valuing Nova ICT at €121 million. The seller was Nova, a member of United Group backed by BC Partners. The remaining 50% is held by Pinston Holdings, the Vardinoyannis family investment office. One day later IREON placed 30% jointly with EOS Capital Partners and Latsco Family Office, retaining approximately 20% and settling family control at roughly 70%. The consideration for the 30% was not disclosed.

Transaction Value (Equity): €60.5m

Implied Enterprise Value: €87.3m

Implied Equity Value: €121.0m

EV/EBITDA: 5.7x

EV/Revenue: 0.7x

The Target

Nova ICT, founded in 2023, is a Greek information and communications technology company specialising in large-scale digital-transformation projects. Its largest revenue category is digital-transformation work, alongside health, security and civil-protection projects. Alexandros Bregiannis remains Chief Executive Officer.

Revenue – 2025: €132m

EBITDA – 2025: €15.2m

Net Income – 2025: €11.2m

Net Cash – 2025: €33.5m

The Buyers

Motor Oil Hellas / IREON Technologies: Motor Oil is an industrial group, centred on its Corinth refinery and diversifying into renewables, power generation and technology. IREON Technologies is its vehicle for technology holdings, which also includes a stake in Real Consulting. The Vardinoyannis family holds 40.97% of Motor Oil through Petroventure Holdings.

EOS Capital Partners: A Greek private equity manager founded by Apostolos Tamvakakis, the former National Bank of Greece chief executive. It invested through EOS Hellenic Renaissance Fund II.

Latsco Family Office: The investment vehicle of Marianna Latsi, of the Latsis shipping and banking family. It has already worked with Nova ICT over the previous two years developing advanced AI-based software for critical infrastructure.

FOOD & BEVERAGE

Kayak Group Acquires Majority Stake in Da Vinci Artisan Gelato

Kayak Group, a Greek ice cream and dessert company, acquired a majority stake in Da Vinci Artisan Gelato, expanding into the artisan gelato category. The move is Kayak's first significant acquisition following the entry of Halcyon Equity Partners into its share capital, part of a strategy to accelerate growth through complementary acquisitions. Kayak's portfolio now spans the Kayak, Da Vinci Artisan Gelato, Chillbox and Goat It! brands, consolidating its position in Greek premium ice cream, with planned expansion into the HORECA channel and international markets.

The Target

Da Vinci Artisan Gelato, founded in 2012, operates 18 stores across Greece, Cyprus and France, offering more than 60 handmade gelato flavours produced with an emphasis on quality and innovation.

The Buyer

Kayak Group is a Greek premium ice cream, frozen yogurt and dessert company whose brands include Kayak, Chillbox and Goat It!, the latter produced from Cretan goat's milk. Following the investment of Halcyon Equity Partners SCA SICAR, aimed at accelerating growth and international expansion, the group is pursuing an acquisition-led strategy, with reported advanced talks to develop Chillbox in markets such as Germany, Spain and Saudi Arabia.

Revenue – 2024: €12.0m

EBIT – 2024: €1.0m

Net Income – 2024: €0.6m

Net Debt – 2024: €2.9m

Elikonos Capital Invests in "The Manna” N. Tsatsaronakis

Elikonos Capital, through its Elikonos 3 S.C.A. SICAV-RAIF fund, acquired a stake in "The Manna” N. Tsatsaronakis, the Cretan bakery manufacturer operating since 1948. The capital will support the company's investment plan and accelerate its growth strategy, with emphasis on outward expansion, as the company seeks to capitalise further on demand for Greek and Mediterranean nutrition, pursuing a stronger position in both the domestic and international markets.

The Target

"The Manna” N. Tsatsaronakis, founded in 1948 in Kissamos, is Greece's leading producer of paximadi, holding roughly 38% of the category. It operates a production facility in Chania combining modern processes with traditional techniques and high food-safety standards, and acquired the former Katselis plant in Acharnes, Attica, in 2021. Exports reach more than 40 countries, with the United States, Canada and Australia its strongest markets.

Revenue – 2024: €13.5m

EBITDA – 2024: €3.4m

Net Income – 2024: €2.2m

Net Debt – 2024: (€8.1m)

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).

ENERGY

PPC Acquires 57.5 MWp Hungarian Solar Park from Greenvolt

PPC acquired Kira, a 57.47 MWp operating solar park at Királyegyháza in southern Hungary, from Greenvolt Power for €64.2 million, implying approximately €1.12 million per MWp. The agreement grants PPC an option to acquire a co-located 49.1 MW / 196.2 MWh battery storage project, subject to it reaching Ready-to-Build status. The transaction marks PPC's entry into the Hungarian market and the first step of its 2026–2030 strategic plan, which targets 2.2 GW of renewables and storage across Hungary, Poland and Slovakia, as the group aims to roughly double installed capacity to 24.3 GW by 2030.

Transaction Value: €64.2m

EV/MW: €1.12m

The Target

Kira is a 57.47 MWp solar photovoltaic park at Királyegyháza in southern Hungary, which reached commercial operation in July 2024 and holds a 25-year feed-in tariff under Hungary's KÁT support scheme. The seller, Greenvolt Power, is part of Portugal's Greenvolt Group, a KKR-backed renewables platform pursuing an asset-rotation strategy of developing projects and divesting them once complete.

The Buyer

PPC (ΔΕΗ) is Greece's largest electricity producer and supplier, listed on Euronext Athens with the Greek State retaining a significant minority holding. The group has expanded across South-East Europe, most notably through its acquisition of Enel's Romanian operations, and is executing a 2026–2030 strategic plan built on renewables, storage and networks. The Hungarian Park will sit within PPC Renewables, the subsidiary through which the group develops and operates its generation portfolio.

Revenue – 2025: €9.7bn

Adjusted EBITDA* – 2025: €2.0bn

Net Income – 2025: €360m

Net Debt – 2025: €6.5bn

Net Debt/EBITDA – 2025: 3.2x

*Company-reported alternative performance measures. Net income is stated after minority interests.