Weekly M&A Debrief (5-11/05/2025)

CVC Eyes Exit from Delta as Vivartia Unwinds

Nearly 20 years after its formation, Vivartia Group (Dairy & Beverages, Frozen Foods, Food Services) is undergoing a divestment phase from its owner, CVC Capital Partners, and its underlying divisions are being carved out and are now up for sale.

CVC is currently valuing Delta — the dairy and juice unit — at approximately €350 million, excluding existing debt. The pool of potential buyers includes local strategic players such as FrieslandCampina and Hellenic Dairies (owned by the Sarantis family), the latter of which recently acquired Dodoni and Delta’s Bulgarian subsidiary (UMC). Although the possibility of a foreign bidder remains, Delta’s relatively small size may limit interest from larger international groups.

A transaction with Hellenic Dairies would likely clear antitrust scrutiny in dairy, but potential concerns exist in the juice segment, where Delta and Olympus (Hellenic Dairies’ brand) together control over 50% market share.

While CVC is eager to exit, the firm is holding out for an offer that meets its valuation expectations.

Metlen Scans Italy for Opportunities in the Electricity Retail Market

Greek energy and metals company Metlen is looking to break into Italy’s electricity market by picking up a small local supplier. With a fragmented landscape and high reliance on imports, Italy stands out as an attractive expansion play — especially as it's home to Europe’s second-largest power industry.

It’s still early days, and there’s no word yet on whether Metlen has zeroed in on specific targets. But one thing’s clear: the big players are off the table. They’re simply too large for Metlen to take on right now. Instead, the company is expected to focus on smaller, more manageable firms that could give it a solid foothold in the market.

Fais Group Acquires Full Ownership of Kalogirou S.A.

The Fais Group has finalized the acquisition of the remaining minority stake in Kalogirou S.A., securing full ownership of the well-known retail company. On May 7th, 2025, the group purchased 17.42% of Kalogirou’s share capital from minority shareholders for a total of €4.67 million. This transaction brings Fais Group’s total holding in the company to 100%.

The acquisition was carried out as part of the capital deployment strategy outlined in the approved prospectus of Fais Group’s recent public offering. With this move, the group is aiming to further expand its position in the premium retail market.

AustriaCard Outlines Strategic Vision and Growth Targets Through 2027

AustriaCard presented its current market position, financial performance, and 2025 outlook at its investor day held at the Athens Stock Exchange. The company emphasizes its focus on Europe, with significant operations in Africa and the Middle East, and a client base spanning financial services, insurance, telecoms and the public sector. It forecasts 4-6% growth over the next 3 years, driven by its geographic expansion, targeted acquisitions, and portfolio enhancement in digital and payment solutions.

For 2025-2027, AustriaCard targets annual organic revenue growth of 6-7% and adjusted EBITDA margins of 15-17%, with CAPEX at 4-5% of revenue.

Competition Commission Approves Ellinogermaniki Agogi Acquisition

The Greek Competition Commission has approved the acquisition of the private school Ellinogermaniki Agogi by the Panagea-Savva School. This move indicates a broader trend in the private education sector, with the acquiring group aiming to expand its presence and academic offerings.

The regulatory green light was granted under the commission’s fast track process, with no major objections concerning competition in the sector.