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April 26, 2021

CVC makes Dodoni latest Greek dairy deal

By Dean Best

CVC Capital Partners is to acquire a majority stake in a holding company behind Greece-focused dairy business Dodoni.

The deal for the majority shareholding in SI Foods Holding comes four months after CVC moved to buy Vivartia, the Greece-based food manufacturer that includes dairy company Delta among its businesses.

In 2012, cheese-to-yogurt business Dodoni was privatised by Greece and sold to SI Foods Ltd, a group of private investors that included including the partners of investment firm Lime Capital Partners. In a statement announcing the deal, CVC said Dodoni’s revenues had “almost doubled” since 2012, with around half coming from exports. The private-equity firm did not disclose figures.

SI Foods Ltd, Dodoni’s majority investor before the agreement with CVC, will continue to own a stake in the feta maker.

In the statement, CVC said SI Foods Ltd would "remain active shareholders and will continue to manage Dodoni, its subsidiaries and its operations".

CVC added: "The partnership will leverage SIF, and Dodoni, as a platform to grow the presence in particular in the specialty cheese and related sectors through investments and possibly acquisitions in Greece and abroad."

Tom Seepers, managing partner at Lime Capital Partners and CEO of Dodoni, said: "The current shareholders and management of Dodoni remain committed to their long-term strategy of growing the company and providing stability and security to its suppliers and employees. With CVC we have secured a strong partner with a focus on sustainable value creation, who shares our focus on ESG [environmental, social and corporate governance] and can enable us to accelerate the future development of Dodoni."

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