Greece-based dairy business Delta Foods has sold Bulgarian subsidiary United Milk Company to local player Tyrbul, itself a subsidiary of fellow Greek firm Hellenic Dairies.
Delta Foods, part of major Greek food manufacturer Vivartia Group described the sale of United Milk as a “significant strategic move” that would allow it to concentrate on its domestic market.
The financial details of the sale of Plovdiv-based United Milk to Tyrbul – confirmed by Hellenic Dairies in a social media post – have not been disclosed. The deal is expected to close by the end of 2022.
In a statement sent to Just Food, Delta Foods said: “This significant business decision for Delta capitalises on its subsidiary company’s commercial success and maturity in the Bulgarian market. Delta’s strategy is in line with a growth agenda focused on enhancing its leadership position in the domestic dairy and food market, strengthening its brands while entering new product categories.”
Delta Foods also pointed to other recent transactions carried out by the business as it reshapes its portfolio.
“With the recent move to monetise inactive assets – plants in Tavros, Attica, and Platy Imathia – Delta is implementing its business plan in emerging dairy and food industry categories, aiming to create a leading group of companies in the Greek market,” it added.
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United Milk employs 500 people and recorded a turnover of EUR5.1m (US$5.2m) in 2021. It produces fresh milk, UHT milk and cheese products and owns the dairy brands Vereia and Fibella.
Tyrbul, based in the Bulgarian city of Sliven, produces and distributes dairy products under the Olympus brand.
Vivartia was sold to private-equity firm CVC Capital Partners in a deal announced in late 2020.