SMERemediumCap, the investment fund of Nikos Karamouzis, has announced its entry into the olive oil sector through a total investment of €10 million.

As announced, SMERemediumCap and Inspiring Earth are joining forces to create a new, strong group in the Greek olive oil sector.

With the creation of a joint company that will acquire the majority stake in the companies 'Latzimas S.A.', 'Sitia Olives-LASITIA S.A.', and 'Olympian Green International S.A.', a new strong group in olive oil products is created.

Through the unification of the companies, significant synergies will be formed both in terms of cost formation and in the flexible commercial policy of a wide range of products.

The new group has multi-year agreements that ensure access to the highest quality and most important olive oil productions in Crete (Rethymnon, Sitia) and the Peloponnese.

The main objective of the new group is the expansion of the branded label in the Greek and European markets and further development in the markets of North America (USA, Canada), South America (Brazil), Asia (Japan), and Oceania, which are the regions with the largest global imports of olive oil.

The total investment amounts to €10 million. The strength of the new capital and additional bank financing will support a growth-oriented commercial policy to achieve the group's strategic objectives. These objectives relate to geographic expansion, the development of complementary products, and vertical integration through partnerships and investments in targeted markets and companies to increase turnover and profitability.

Nicholas Karamouzis, Chairman of SMERemediumCap, said: "We are very pleased and optimistic about our entry into an industry in which our country has a solid and significant global presence, as well as our efforts to financially consolidate companies with a dynamic outlook with benefits for local economies, employees, and the country. Greek olive oil has great potential for growth and needs bigger, stronger, and more outward-looking companies. I would also like to thank the banks and servicers involved for our cooperation and for accepting our proposals for financing and the write-down of the company's total liabilities."

Konstantinos Antonopoulos, President and CEO of Inspiring Earth, said: "With our decades of experience in the olive oil industry, we see that in a period of turmoil in global production, this partnership is the right step to create a new entity with a leading role that will be able to respond to the major challenges and opportunities in the international market. In this effort, an important role will be played by the executives of the companies, especially "LATZIMAS S.A.", which is the largest company in the new group and where the Kotzampasakis brothers have done an excellent job.".

Latzimas S.A. is one of the most important Greek companies in the sector, with a strong presence in the Greek and European markets. It is based in Rethymno and has a complete and vertically integrated production infrastructure, while at the same time having access to privately owned olive groves, which contributes to the competitiveness of its products.

The "Oils of Sitia-LASITIA S.A." was founded four years ago, standardizes and markets the internationally recognized and sought-after olive oil P.O.P. Sitia from the agricultural cooperatives of the region, and has bottling facilities with the capacity to standardize 90 tons per day.

"Olympian Green International S.A." standardizes extra virgin olive oil from the Western Peloponnese with an emphasis on Olympia PDO olive oil. The company is among the five Greek brands with the most awards and prestigious distinctions, having received more than 60 international awards.

SMERemediumCap, as the majority shareholder of the joint venture, will contribute to the financial restructuring of the group companies and will ensure access to new financial instruments and debt capital.

The management of the new group will be undertaken by the executives of Inspiring Earth, with Mr. Konstantinos Antonopoulos as CEO. This is a team with many years of experience in the market of branded extra virgin olive oil.

The retention of founding members of Latzimas and members of EAS Sitia in the new structure is also particularly important for the presence and strong role of the new group in the local communities where the companies operate, since the primary objective of the group is to work for the strengthening and empowerment of local producers.