Key Takeaways
- • Private equity funds are stepping up investments in Greek companies, with deals reshaping food production and health care, according to market analysts reported by To BHMA and tovima.com.
- • Halcyon Equity Partners invested in Rodoula, a frozen dough and bakery producer exporting to more than 30 countries, with international sales about 20% of 2025 revenue; stake size and price were not disclosed.
- • Recipe Unlimited, owned by Prem Watsa, agreed on October 14 to buy 100% of Evergood from Vivartia, which CVC Capital Partners controls; market sources put CVC's asking price at around €300 million, though no final value was officially disclosed.
- • Golden Age Capital acquired a majority stake in restaurant chain O Proedros, backed by a €250 million fund planning 10 to 12 investments averaging €20-25 million each.
- • The government, through Deputy Prime Minister Kostis Hatzidakis, announced new incentives to encourage mergers and create larger Greek companies.
Summary
Private equity funds are increasing their investments in Greece, acquiring stakes in domestic companies with room to grow at home and abroad despite economic uncertainty and turbulence across Europe. According to market analysts cited by tovima.com, the transactions are beginning to reshape entire industries, particularly food production and health care. The funds offer an alternative source of capital alongside bank lending and European funding programs. Investors are targeting businesses with operational improvement potential, scalable management teams and internationally competitive products, rather than simply acquiring existing sales. Business owners are increasingly willing to share control in exchange for funding and expertise, and informed sources told To BHMA that "everyone is talking to everyone," with further deals expected in the coming months.
In food and beverage, Halcyon Equity Partners announced an investment in Rodoula on October 20. The Greek producer of frozen dough, desserts and baked goods exports to more than 30 countries and serves more than 3,500 points of sale. It is building a 32,000-square-meter factory in Acharnes. Elikonos 3 has invested in A. Vezyroglou, a baby-leaf vegetable producer with annual output above 3,000 metric tons, and has also acquired To Manna N. Tsatsaronakis and Vamvalis Foods. Halcyon additionally invested in Kayak, which operates more than 80 company-owned and franchised stores, and in Mailo's, a fresh-pasta restaurant concept with 50 locations across Greece, Cyprus, Lebanon and Canada.
The most notable transaction involves Evergood, which operates more than 575 locations under five brands, including Goody's, Everest, Flocafe and La Pasteria. On October 14, Vivartia agreed to sell 100% of Evergood to Recipe Unlimited, owned by Prem Watsa. For CVC Capital Partners, the deal represents an exit from a substantial part of the Greek food-service market, while it gives the Canadian buyer a platform for international expansion. Golden Age Capital, which has €250 million in capital, acquired a majority stake in O Proedros, where EBITDA has risen from €5 million to €7 million, with a medium-term target of €25 million. The chain plans to expand from 30 to 60 stores and is considering the Middle East. The fund expects two or three more investments by year-end.
The government is also promoting larger companies through a new package of merger incentives. Deputy Prime Minister Kostis Hatzidakis, speaking at an IDEAL event, linked business scale to competitiveness and international expansion, saying "Size matters" in an economy dominated by very small businesses.
Market participants argue that growth capital can help companies withstand difficult conditions, although the deals do not eliminate high energy costs, turbulence in France or pressure on borrowing costs.
In food and beverage, Halcyon Equity Partners announced an investment in Rodoula on October 20. The Greek producer of frozen dough, desserts and baked goods exports to more than 30 countries and serves more than 3,500 points of sale. It is building a 32,000-square-meter factory in Acharnes. Elikonos 3 has invested in A. Vezyroglou, a baby-leaf vegetable producer with annual output above 3,000 metric tons, and has also acquired To Manna N. Tsatsaronakis and Vamvalis Foods. Halcyon additionally invested in Kayak, which operates more than 80 company-owned and franchised stores, and in Mailo's, a fresh-pasta restaurant concept with 50 locations across Greece, Cyprus, Lebanon and Canada.
The most notable transaction involves Evergood, which operates more than 575 locations under five brands, including Goody's, Everest, Flocafe and La Pasteria. On October 14, Vivartia agreed to sell 100% of Evergood to Recipe Unlimited, owned by Prem Watsa. For CVC Capital Partners, the deal represents an exit from a substantial part of the Greek food-service market, while it gives the Canadian buyer a platform for international expansion. Golden Age Capital, which has €250 million in capital, acquired a majority stake in O Proedros, where EBITDA has risen from €5 million to €7 million, with a medium-term target of €25 million. The chain plans to expand from 30 to 60 stores and is considering the Middle East. The fund expects two or three more investments by year-end.
The government is also promoting larger companies through a new package of merger incentives. Deputy Prime Minister Kostis Hatzidakis, speaking at an IDEAL event, linked business scale to competitiveness and international expansion, saying "Size matters" in an economy dominated by very small businesses.
Market participants argue that growth capital can help companies withstand difficult conditions, although the deals do not eliminate high energy costs, turbulence in France or pressure on borrowing costs.
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