CVC buys Greek dairy company Dodoni

Alessia Argentieri
21 April 2021

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CVC Capital Partners has acquired Greek dairy business Dodoni.

Dodoni is currently owned by a pool of investors, including Strategic Initiatives Capital, Simos Food and Lime Capital Partners.

Following the deal, CVC will acquire a majority stake in SI Foods Holdings, which controls Dodoni. The company's current owners will retain a minority stake and continue to manage Dodoni, its subsidiaries and operations.

The GP has invested in the business via CVC Capital Partners VII, which held a final close on its €15.5bn hard-cap in June 2017, exceeding its initial €12.5bn target.

CVC intends to support Dodoni's growth and pursue a buy-and-build strategy in the dairy sector via new acquisitions in Greece and the rest of Europe.

Previous funding
ATEBank sold a 67.77% stake in Dodoni to Strategic Initiatives Capital in 2012 for around €21m. Greek company Simos also took a minority stake.

Around the same time, Lime Capital backed the business with a minority investment. The firm specialises in acquiring controlling and large minority stakes of at least 30% in companies with a turnover of more than $500m.

Company
Established in 1963, Dodoni is a dairy company specialised in the production of cheese, primarily feta and halloumi.

The company employs 600 staff across its production facilities located in Ioannina, Thebes and Cyprus. It generates around 50% of its revenues from outside Greece.

People
Dodoni – Tom Seepers (CEO).

Advisers
Vendors – Eveda Capital (corporate finance); Goodlink Corporate Finance (corporate finance); Ionian Capital (corporate finance); KBVL (legal).
Acquirer – Bernitsas Law Firm (legal); Deloitte (financial due diligence); Bain & Company (commercial due diligence).