CVC to buy Greek food company Vivartia from Marfin

According to an announcement published by the firm, MIG's board received a binding offer from CVC and decided to grant the GP an exclusivity period until 6 November for the negotiations and the completion of the agreement.

MIG acquired a 34% stake in Vivartia from the Daskalopoulos family in July 2007. It increased its holding to 86% in 2011 and subsequently reached ownership of 92.1% of the company's share capital. The company retains a listing on the Athens stock exchange.

Vivartia was established with the merger between diary products specialist Delta Holdings – including its subsidiaries Goody's and General Frozen Foods – and baked and snack food producer Chipita in 2006.

The company currently has a dairy and beverages unit, a baked good division, a frozen food unit, and a catering division that serves restaurants, bars, cafes and hospitals.

The group generated EBITDA of €68.7m in 2019, from €59.1m in 2018, and revenues of €629.3m, with a 4% increase on 2018. According to press reports, the company has debt of around €420m.

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• Topics
• Buyouts
• Southern Europe
• Consumer
• CVC Capital Partners
• Greece