Paine acquires stake in Eurodrip from Global Finance

The GP paid €1.53 per share, which represented a 27% premium over Thursday's closing market price and a 67% premium on its six-month average. Paine will be required to launch a mandatory tender offer for all remaining shares, valued at €68m, following the transaction

This marks the first agriculture M&A deal in Greece since Permira bought Netafim in September 2011.

Previous investment
Global Finance's portfolio company Aquanova bought its 49.3% stake in Eurodrip in 2005.

During the holding period the company doubled its turnover, reaching €84m by June 2012, and increased its EBIDTA sixfold to exceed €12m.

In 2006 the company's share capital was increased by €19.7m and a €6m capex facility was put in place.

Company
Eurodrip manufactures drip irrigation solutions for crop farmers. The systems promise to be cost effective and water-saving while being customised for a range of topographical, climatic, soil and water conditions. Eurodrip group has a market presence in 70 countries, with operating facilities in Greece and – through subsidiaries – in the US, Turkey, Egypt, Jordan, Peru and Mexico. The group was founded in Inofyta in 1979 and employs more than 500 people.

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• Topics
• Buyouts
• Southern Europe
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• Greece