This transaction was implemented by Nutrico Food Group, part of Vivartia Investments, according to an announcement from Vivartia Group.
While the financial terms of the deal with Hellenic Dairies remain undisclosed, Vivartia Group confirmed that the acquisition awaits approval from the Greek competition regulator.
Local law firm KBVL, which advised Hellenic Dairies on the Dodoni transaction, provided further insights. In a LinkedIn post, KBVL stated: “This is the largest M&A transaction in the Greek dairy sector in recent years, with a total deal value of approximately €205m ($239.4m), marking a transformational moment for the industry.”
“Upon completion, Hellenic Dairies will emerge as the largest dairy company in Greece, significantly enhancing its domestic presence and expanding its global reach.”
Hellenic Dairies produces an extensive array of dairy products, including cheese, yogurt, butter, and milk. Additionally, the company also offers fruit juices and soft drinks.
Dodoni is renowned for its feta cheese, yogurts, and halloumi. Established in 1963 in Ioannina, located in the Epirus region, the company also features a vegan Plant’d range, which utilizes coconut oil.
According to the Dodoni website, the company exports to 50 countries, primarily across Europe, as well as to markets in the US and Australia.
For the year ending December 2023, Hellenic Dairies reported an annual turnover of €600m, reflecting a 21.3% increase from the previous year. EBITDA surged by 44.7% to €94.1m, while net profit after tax rose by 3.4%, reaching €27.3m.
The Vivartia Group claims to be Greece’s largest food company, reporting revenues of €930m in 2023. The group includes Delta Foods, which supplies dairy products like milk and yogurt, as well as juices and iced tea.
Hellenic Dough, another group entity, produces both branded and private-label frozen bakery products for retail and foodservice.
Private equity firm CVC Capital Partners acquired Vivartia Group in 2020 for €175m, subsequently taking a majority interest in Dodoni the following year.
