Galery

1

23 million euros pays Vivartia for the Greek dairy company MEVGAL. The buyer announced this after signing the preliminary agreement between the two companies.The Papadakis -Hadzhiteodorou family, holding 43% of the northern Greek dairy company MEVGAL, are ready to sell their stake in the company. After the Competition Commission’s approval Vivartia, through its subsidiary company Delta Food Plc, will hold  57.8% in total of MEVGAL.

The acquisition will take place in two stages. The first will be after the Competition Commission gives green light to the merger, when Delta Food Plc will purchase 14.8% of MEVGAL from the owner Maria Hadzakis for € 19.6 million. The second stage will be the purchase of 43% from the Papadakis – Hadzhiteodoru family. Thus Delta Food Plc will acquire the controlling stake of the Greek MEVGAL and with 57.8% the northern Greek firm will have a new owner. According to the Papadakis-Hadzhiteodoru family, they will keep the right of a minority stake in the new company.
  
The story of the milk processing company MEVGAL began in North Greece back in 1950. During its existence and development the company has proved to be one of the most powerful companies in the field. Its turnover for 2009 was € 184 million and earnings before taxes for the same period reached € 11 million. According to the official statement of Vivartia, the new company that will be formed after the merger of Delta Food Plc and MEVGAL will have total sales of € 640 million, € 500 million of which will be from sales on the Greek market and € 140 million will be from export sales. They reported from the buying company that the merger process will be completed after three years.

“We are very pleased with the acquisition agreement with MEVGAL, which is a well-known Greek dairy company with a long history and significant presence on the Greek market,” announced the CEO of Vivartia Holdings Inc Dionisis Malamatinas in an open letter to the media. He stressed that the company's goal is to give new shape and best quality to consumers through the creation of a new national champion in the dairy industry. At the same time, Dionisis Malamatinas emphasized that the established rate of growth, the course to innovation and quality inherent in both companies will be maintained. The new company after the merger is expected to become the biggest company in the dairy industry in Greece.