Marfin Investment Group (MIG) and Vivartia today (16 July) confirmed that a deal that has seen the investment firm become the largest shareholder in the Greek food group.
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MIG has bought a 30% stake in Vivartia, Greece’s largest food company, for EUR549.8m (US$757.8m).
Vivartia CEO Spyros Theodoropolous and chairman Dimitrios Daskalopoulous will stay with the company but MIG will appoint five out of the nine directors to the company’s board.
Vivartia, which was formed last year with the merger of dairy group Delta Holdings and snacks maker Chipita International, is market leader in a number of food categories in Greece.
The company has operations in 29 countries across Europe, Russia, Egypt, Saudi Arabia and the US. MIG said it would provide a “platform” for further “bolt-on acquisitions”.
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By GlobalData“MIG’s strong consolidation track record, financial calibre and strong ties to Eastern Europe and the Middle East can help Vivartia identify and pursue acquisition opportunities in the emerging markets,” the investment firm said.
