Weekly M&A Debrief (20-26/10/2025)

By Nikos Tsolakis, Zeynep Giousemoglou, Thanasis Ntatsis and Dimtris Machairas

Coca Cola HBC to Acquire 75% of Coca Cola Beverages Africa

Coca Cola HBC, a strategic bottler of The Coca Cola Company (TCCC) listed on the ATHEX and LSE, has reached an agreement to acquire 75% of Coca Cola Beverages Africa (CCBA) from TCCC and Gutsche Family Investments (GFI) for c. $2.55bn effectively valuing the company at $3.4bn. GFI will fully exit CCBA by selling its 33.48% stake ($1.3bn in total, with $308m in cash and the rest in HBC shares equal to 5.47% of its share capital), while TCCC will sell 41.52% of its 66.52% holding. Furthermore, Coca Cola HBC will retain an option to acquire the remaining 25% for six years after the completion of the deal which is expected in late 2026. Part of the acquisition will be financed through a $1.4bn bridge facility.

This transaction marks a significant step in TCCC’s refranchising efforts of its bottling operations, while the Gutsche family will remain involved in Coca Cola’s operations through its stake in Coca Cola HBC.

As for HBC it made clear that it sees growth in Africa, as demographic and consumption tailwinds make it an attractive region for investments. The company will also pursue a secondary listing of its shares on Johannesburg Stock Exchange to showcase its long term commitment in the region.

Enterprise Value: $4.6bn

EV/EBITDA: 9.99x

EV/Sales: 1.28x

The Target

CCBA is the eighth largest Coca-Cola authorised bottler in the world by revenue, and the largest on the continent. It accounts for over 40% of all Coca-Cola ready-to-drink beverages sold in Africa by volume. With over 14,000 employees in Africa, CCBA group services more than 800,000 customers with a host of international and local brands. CCBA group operates in 14 countries: South Africa, Kenya, Ethiopia, Uganda, Mozambique, Namibia, Tanzania, Botswana, Zambia, Eswatini, Lesotho, Malawi and the islands of Comoros and Mayotte.

Revenue – 2024: $3.6bn

EBITDA – 2024: $465m

The Buyer

Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. The company serves 750 million consumers across a broad geographic footprint of 29 countries. Its portfolio is comprised of consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan, Jack Daniel’s and Grey Goose.

EFA Group Completes Strategic Investment in Realiscape

EFA Group recently announced its strategic investment in the simulation and data analytics company, Realiscape. The buyer acquired a sizeable minority stake in the target and is targeting 2027 to fully control the company. It is reported that the total investment will exceed €10m and will enhance EFA’s existing capabilities.

The Target

Realiscape is a Greek company specialising in immersive simulation & virtual/augmented reality solutions, primarily for defence, security, industry and maritime sectors. Their main solutions include:  Holotrac Platform (defence), Fire Meister (firefighting), V-Lab (laboratory training) and Apex platform (driving simulation).

Revenue – 2024: €0.6m

EBITDA – 2024: €0.1m

Net Income – 2024: €0.1m

The Buyer

EFA Group is a Greek aerospace, defence, and security conglomerate that develops advanced technologies such as sensors, command-and-control systems, and night-vision equipment through subsidiaries like Theon Sensors, Scytalys, and ES Systems. Headquartered in Athens with a global presence, it focuses on high-tech, export-oriented defence solutions and industrial cooperation projects.

Jumbo Acquires The Veso Mare Mall in Patras

Herald Hellas, the owner of the Veso Mare mall, was acquired by Jumbo SA for €10.8m, paid in cash from the buyer’s cash reserves. The mall covers a total area of 17,333 sq.m.

Enterprise Value: €10.8m

EV/sq.m: €624.5

EV/EBITDA: 14.5x

EV/Sales: 4.69x

QnR S.A. acquires 76.19% of Alexander Moore S.A.

Quality & Reliability S.A. (Q&R) has completed the acquisition of a 76.19% stake in Alexander Moore S.A., following payment of the first tranche of the agreed purchase consideration.  According to the announcement, Q&R has paid c. €0.7m initially, representing 50 % of the total agreed consideration, and thereby acquired the majority interest in Alexander Moore S.A. under the terms of a binding agreement previously disclosed.

The Target

The business activity of Alexander Moore began in 1997, providing high value-added consulting services to a significant number of particularly dynamic and rapidly growing companies both in Greece and abroad.

Revenue – 2024: €1.3m

EBIT – 2024: €0.1m

The Buyer 

Quality and Reliability (QnR) is a Greek technology company with over 30 years of presence in the market, leading the digital transformation of Greece. Since 2000, the company has been listed on the ATHEX under the ticker QUAL.

PENTE S.A. Acquires  “Papageorgiou S.A. Super Market” Chain in Ioannina

PENTE S.A., also known as Galaxias, has successfully completed the acquisition of the local supermarket chain “Vas. Papageorgiou S.A. Super Market”, which operates six stores in the city of Ioannina. 

The Target

Vas. Papageorgiou S.A. Super Markets operates in Ioannina in the food retail sector, with a history dating back to 1925. It is a local Ioannina business, operating a total of six stores, mainly located in central areas of the city.

Revenue – 2023: €14.7m

EBITDA – 2023: (€0.4m)

The Buyer 

Galaxias Supermarkets is a Greek-owned retail chain operating primarily in the food and household goods sector. Founded in 1971, the company has developed a wide network of stores across Greece, focusing on serving both urban and regional communities. 

Rumours: Bain Capital Plans to Expand its Presence in the Greek Real Estate Market

With over €1bn in investments in Greece, Bain Capital is exploring new opportunities in the Real Estate sector. In 2014, the firm was one of the largest international investors to enter the country after the crisis, acquiring portfolios of properties and loans through Hellas Capital Leasing.

Today, Bain Capital focuses on properties that can be upgraded and transformed into “core assets” for investors, highlighting Greece as an attractive investment destination due to market stability and rising prices, despite long-standing procedural challenges.