Weekly M&A Debrief (29/09-05/10/2025)

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

OB Streem Eyes a Double Acquisition in The Logistics Sector

HIG Capital, through its portfolio company, OB Streem, is in advanced talks to acquire two logistics solutions providers, Med Frigo and Eurofreight. The stake that OB Streem is planning to acquire in each target is still unknown.

The Targets

Med Frigo is a Greek private equity-backed company, specializing in cold chain logistics. Its main shareholders are Elikonos, EOS Capital and Antonis Mavridoglou.

Revenue – 2024: €63.8m

EBITDA – 2024: €12.5m

Net Income – 2024: €5.4m

Eurofreight Logistics is a Cyprus-based enterprise that provides customs brokerage and international logistics services.

The Buyer

OB Streem, backed by HIG Capital, is a leading logistics group formed through the merger of Streem Global, Orfeas Veinoglou, and HIG-acquired companies. It operates in 10 countries with 400,000 sqm of warehouses and nearly 3,000 employees.

Europi Holdings Acquires 50% Stake in Alpha Insurance Brokers.

Europi Holdings S.A has reached a binding agreement to acquire a 50% stake in Alpha Insurance Brokers, currently owned by Vista Bank, part of Vardinogiannis’ Family interests. The transaction value is estimated at €0.3m and the target company will be renamed Vista-Europe Insurance Brokers.

The Target

Alpha Insurance Brokers is an insurance broker operating in Romania, providing insurance intermediation and consulting services. 

The Buyer

Europe Holdings is operating in the business sector of Property Management/ Development with a direct prospect of expansion into the Insurance Sector through the forthcoming acquisition of Europe Insurance. In 2024, the listed KLM S.A. merged with Intracom Properties, a subsidiary of Intracom Holdings, and was renamed Europe Holdings, which remains listed on the Athens Stock Exchange.  

Revenue – 2024: €2.8m

EBITDA – 2024: €4.1m

Net Income – 2024: €10.1m

EPS – 2024: €0.24

Profile Software Enters Advanced Negotiations to Acquire Algosystems S.A.

Profile Software announced that it is in advanced negotiations with Algosystems S.A., to acquire at least an 85% stake in the company. This acquisition will allow Profile to expand into the cybersecurity sector, offering enhanced services to many of its existing clients. It is the buyer’s intention to maintain the Algosystems’ management team and allow it to operate as an autonomous unit within the Group, with a potential rebranding. The transaction is expected to be completed within 2-3 weeks, while the value of the deal has not been disclosed. 

Furthermore, Profile is rumoured to have its sights on an acquisition target in Western Europe with a possible transaction being completed before the end of 2025.

The Target

Algosystems is a pioneering Solution Provider and System Integrator, operating in the Information & Communications Technology, Automation & Control, and Metrology markets.

Revenue – 2024: €13.6m

EBITDA – 2024: (€0.2m)

Net Income – 2024: (€0.3m)  

The Buyer

Since 1990, Profile Software has been developing software solutions for the international financial sector, the broader business sector, as well as the public sector. The company has an international presence in Europe, the Middle East, Asia, Africa, and America, and consistently invests in technologically advanced solutions for both startup and traditional banking and financial organizations, either through direct collaboration or via a reliable network of partners.

Revenue – 2024: €40.0m

EBITDA – 2024: €10.3m

Net Income – 2024: €5.6m

Ilias Gkotsis Acquires Additional c.5% Stake in Aktor Group

Maritime businessman Ilias Gkotsis, through his firm Castellano, last week acquired an additional 5.09% stake in Aktor Group, increasing his total stake to approximately 18.5%.

The Buyer

Gkotsis’ main business activity is maritime transport. He founded Eurotankers in 1990, which operates in the management and operation of tankers and bulk cargo vessels.

Molins and Titan Complete The Acquisition of Baupartner

Molins and Titan acquired 80% of Baupartner, a leading provider of precast concrete solutions in Southeastern Europe, following the agreement announced in early August. The target’s founders will retain a 20% stake in the company and continue to guide it through its next growth stage. With this transaction, Titan broadens its portfolio with high-value structural solutions.

The Target

Baupartner is a specialist in precast concrete and steel structural solutions and is headquartered in Bosnia-Herzegovina with presence in Croatia and Serbia.

The Buyers

TITAN Group is a leading international business in the building and infrastructure materials industry. With most of its activity in the developed markets, the Group employs more than 6,000 people and is present in over 25 countries, holding prominent positions in the US, Europe, including Greece, the Balkans, and the Eastern Mediterranean.

Revenue – 2024: €2.6bn

EBITDA – 2024: €580.1m

Net Income – 2024: €300.6m

Molins is a global leader in sustainable and innovative building solutions.

Revenue – 2024: €1.4bn

EBITDA – 2024: €356.0m

Net Income – 2024: €184.0m

Real Consulting Completes Full Acquisition of AMS Cyprus.

Real Consulting completed the acquisition of the remaining 40% of Advanced Management Solutions Ltd in Cyprus for c.€2m. The transaction took place as the sellers exercised their put options, which they held from the sale of an initial 60% stake in the company.

Transaction Value: c. €2.0m

Enterprise Value: €5.1m

EV/Adj. LTM EBITDA: 9.26x

The Target

Founded in 2001, Advanced Management Solutions is a Cyprus-based business and IT consulting firm specialising in SAP software implementation and support. The company delivers solutions that drive customer growth, value creation and organizational agility, with a focus on software development, IT and internet services.

The Target

Real Consulting is a leading IT services company in Greece, partnering with global software providers like, SAP, Microsoft and Salesforce. It’s listed on the main market of ATHEX and with over 280 specialized executives and more than 300 clients, has delivered some of the most complex IT projects both in Greece and internationally.

Revenue – 2024: €40.4m

EBITDA – 2024: €5.6m

Adj. EBITDA – 2024: €7.3m

Net Income – 2024: €2.8m

Credit Talks

NBG Offloads €200m in NPEs to Bain Capital and EOS Group

National Bank of Greece sold an NPE portfolio named Etalia A, valued at €100m, that contains both mortgages and consumer loans as well as SME exposures. Bain Capital acquired the portfolio for 45% of the outstanding amount.

The second portfolio, Etalia B, valued at €100m and comprised of unsecured consumer loans, mortgages and exposures to both SMEs and large enterprises was sold to EOS  Group for 25% of the outstanding amount.

Morgan Stanley acted as the financial advisor to NBG and Karatzas & Partners Law Firm as the bank’s legal advisor.