Greece-based agri-food company Barba Stathis, a subsidiary of food giant Vivartia, has acquired a majority stake in local peer Halvatzis Makedoniki.
Barba Stathis has bought 80% of Halvatzis Makedoniki for an undisclosed sum.
Halvatzis Makedoniki specialises in producing and distributing steamed vegetables, ready-to-eat salads with vegetables and legumes, and fruit salads under the brand name Agrokipos Halvatzi. The company’s portfolio also includes jams, fruit preserves and vegetables in brine under the brand names Halvatzi Family and Makedoniki.
Leonidas Halvatzis, who will remain CEO of Halvatzis Makedoniki, said: “In an environment of increased prospects and security, our employees, our team of farmers, and our partners will now have new opportunities for growth and personal progress within a more robust company.
“Today, our vision expands, our influence strengthens, and our momentum accelerates, bringing broader benefits to the local community and the Greek economy.”
In 2022, Halvatzis Makedoniki recorded a turnover of €12.3m ($13.3m), compared to €9.9m in 2021. Pre-tax profits rose 24.3% to, surpassing €1.2m. Profit after tax reached €988,000, up 24.9%.
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The agri-food business was founded in 1972. Its factory, which spans over 40,000 square metres, is located in the Central Macedonia area of Greece.
Barba Stathis chief executive CEO Nikitas Pothoulakis described Halvatzis Makedoniki as a business with a “significant presence in the agri-food sector”.
Pothoulakis added Barba Stathis remains committed to investing in Greece “underscoring [its] belief in the potential and prospects of the Greek primary sector and the national economy”.
The Barba Stathis portfolio is centred around baked goods sold under the Cryssi Zymi brand.
Vivartia, one of the largest food businesses in Greece, was acquired by CVC Capital Partners in 2020. It is present in categories including dairy, meat, frozen foods and confectionery.