Weekly M&A Debrief (23-29/06/2025)

By Nikos Tsolakis and Zeynep Giousemoglou

This week the acquisition of Euromedica clinics by Errikos Dynan is in the spotlight, signaling increased interest in a sector in which large international funds such as CVC and Oaktree hold significant positions. There were also two transactions, a majority acquisition and a tender offer, involving listed entities in both Greece and the U.S. Lastly AstroBank’s acquisition by Alpha Bank was completed this week with only regulatory approval pending for the deal to be finalized.

Errikos Dynan takes control of Euromedica clinics. 

The Deal: In late June 2025, Errikos Dynan Group Group completed the acquisition of several Euromedica clinics, strengthening its presence in the private healthcare sector and becoming one of the largest providers of secondary healthcare services in Greece. The Group now operates facilities in major locations such as Athens, Thessaloniki, Rhodes, and Kozani, expanding its coverage and ability to serve patients across the country. 

The Target: Euromedica is a major Greek private healthcare group that provides primary and secondary care services. It operates diagnostic centers, general and specialized clinics, dialysis units, and rehabilitation centers across Greece.  

Revenue - 2023: €117.8mn 

EBITDA - 2023: €1.1mn

Net Income - 2023: (€19.2mn)

The Buyer: Errikos Dynan, named after the founder of the Red Cross, is one of the leading private healthcare providers in Greece. The group operates in the field of secondary care, managing the state-of-the-art Errikos Dynan Hospital Center in Athens. The hospital offers comprehensive services including hospitalization, surgical procedures, diagnostic tests, and intensive care units, with a strong focus on medical specialization and technological innovation. 

Revenue - 2023: €65.9mn

EBITDA - 2023:  €1.1mn

Net Income - 2023: (€6.9mn)

Tender offer for Domaine Costa Lazaridi by Olympia Holding S.A.

The Deal: Olympia Holding launched a mandatory tender offer for the acquisition of the remaining c.11% stake in Domaine Costa Lazaridi, for a consideration of €2.18 per share, representing a 3% premium over Friday’s closing price. Olympia is set to acquire 1,973,459 shares of the wine producer for c.€4.3mn. 

Transaction Financials:

Implied Equity Value: €39.3mn

Net Debt - Lazaridi: €11.3mn

Implied EV: €50.6mn

Implied EV/EBITDA: 7.55x

Implied EV/Sales: 2.04x

Financial Advisors: Eurobank (Olympia Holding)

The Target: Domaine Costa Lazaridi is listed on the Athens Stock Exchange and was established in 1992. With its headquarters in Drama, Domaine Lazaridi owns 2 main estates, one in Adriani and one in Kapandriti, Attiki. Combined, the four vineyards in Drama span 2,800 acres, while facilites such as the winery, distillery and the cellars are located in a 15,000sqm complex. The estate in Attiki is significantly smaller in size ,at 200 acres, with a 10,500sqm complex reserved for events and cellar space.

Revenue - 2024: €24.8mn

Revenue per acre: €8.3k/acre

EBITDA - 2024: €6.7mn

Net Income - 2024: €3.0mn 

The Buyer: Olympia Holding is controlled by the Lazaridis family and was established in May 2025. Konstantinos Lazaridis is the main shareholder with 46.4%, while the rest of the family members control the remaining shares.

Marla Investments acquires majority stake in EuroHoldings Ltd

The Deal: Latsi family, through its company Marla Investments, acquired a 51% stake in EuroHodlings’ capital, a shipowner and management company listed on the NASDAQ. The shares were acquired from the Pitta family for a consideration of $12.9 per share, with an additional earnout provision contingent on the employment of 2 vessels, M/V “Joanna” and M/V “Aegean Express”. The total consideration for 1,437,697 shares was $18.5m.

Financial Advisors: Seaborne Capital Advisors (EuroHoldings)

Legal Advisors: Watson Farley & Williams LLP (Marla Investments), Seward & Kissel LLP (EuroHoldings)

The Target: EuroHoldings Ltd, is a NASDAQ listed maritime and shipping company headquartered in Greece. The company’s fleet is made up of 2 container carriers, M/V “Joanna” and M/V “Aegean Express”, that are currently both time chartered until November 2025 and March 2026 respectively. Early in 2025, Euroseas spun-off 3 of its older vessels leading to the establishment of EuroHoldings, which later sold one of them ,M/V “Diamantis”, for a consideration above $13m.

Q1 2025 - Revenue: $2.9mn

Q1 2025 - Adj. EBITDA: $0.9mn

Q1 2025 - Adj. Net Income: $0.9mn 

Q1 2025 - Average Time Charter: $15,798 per day

The Buyer: The Latsis family is one of the most prominent and historic business families in Greece, with an international presence in shipping, oil & energy, banking and real estate.