A subsidiary of Greece’s Vivartia Group has sold the dairy business Dodoni to another local peer Hellenic Dairies.
The transaction was initiated by Nutrico Food Group, which is part of the parent company’s Vivartia Investments vehicle, according to a brief statement from Vivartia Group.
Vivartia Group did not reveal the financial terms of the deal with Hellenic Dairies but said the acquisition is subject to approval by the competition regulator in Greece.
Local law firm KBVL, which advised Hellenic Dairies on the transaction for feta cheese maker Dodoni, provided more detail.
KBVL said in a LinkedIn post: “This is the largest M&A transaction in the Greek dairy sector in the recent years, with a total deal value of approximately €205m ($239.4m), and marks a transformational moment for the industry.
“Upon completion, Hellenic Dairies will become the largest dairy company in Greece, enhancing its domestic footprint and expanding its global reach.”
Just Food asked Trikala-headquartered Hellenic Dairies for comment on the acquisition but had not received a response at the time of writing.
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By GlobalDataThe company produces a range of dairy products such as cheese and feta, along with yogurt, butter and milk. Hellenic Dairies also supplies fruit juices and soft drinks.
Dodoni, meanwhile, is known for its feta cheese, yogurts and halloumi. Set up in 1963 in Loannina, part of the Epirus region, the company also has a vegan Plant’d range based on coconut oil.
It sells into 50 countries, mostly in Europe but also further afield to the US and Australia, according to the Dodoni website.
In the year to the end of December 2023, the latest financial data available on its website shows Hellenic Dairies booked an annual turnover of €600m, a 21.3% increase from the previous 12 months.
EBITDA climbed 44.7% to €94.1m, while net profit after tax was up 3.4% at €27.3m.
Vivartia Group claims to be the largest food company in Greece, posting revenue of €930m in 2023. It has Delta Foods under its wing, which supplies dairy products such as milk and yogurt, along with juices and iced tea.
Hellenic Dough is also part of the group, producing both branded and private-label frozen bakery products for retail. It also caters to the foodservice channel.
Private-equity firm CVC Capital Partners acquired Vivartia Group in 2020 for €175m. The investor also then took a majority interest in Dodoni the following year.
Just Food has asked CVC Capital to clarify the status of those investments in the context of the Dodoni sale to Hellenic Dairies.
