Latsco Family Office, in the interest of Mrs. Marianna I. Latsis, acquired a minority stake of 30% in Eurocatering SA (Freskoulis).
According to an announcement, as part of the transaction, the investment fund managed by EOS Capital Partners transferred to the new shareholder 12.18% of Eurocatering, while the investment fund managed by Elikonos Capital transferred 17.82% of the company's share capital. Following the aforementioned development, Chrysostomos Mavropoulos, the company's founder, now owns 51% of Eurocatering's share capital while the EOS Capital Partners-managed fund retains a 19% stake.
Eurocatering is active in the sorting, processing, and distribution of fresh fruit and vegetable products in the country, a market that has been growing extremely rapidly in recent years in line with developed foreign markets. Eurocatering's turnover growth over the last three years until the end of fiscal 2024 is projected to reach a cumulative 78%, with a compound annual growth rate (CAGR) of 18%. At the same time, annual earnings before interest, tax, depreciation, and amortisation (EBITDA) growth over the same period is projected to exceed 62%.
The total investments made by Eurocatering during this period amounted to approximately EUR 15 million, which were channelled into the development of new privately owned facilities, including a factory and offices, as well as refrigerated and non-refrigerated storage and logistics facilities. The investments were successfully completed at the end of 2023. It should be noted that in the same period, exports tripled and market shares steadily increased.
Eurocatering's president and CEO, Chrysostomos Mavropoulos, said: "I welcome Latsco Family Office to the large family of Eurocatering and thank them both for the trust they have shown in the company and in me. I would also like to thank Elikonos, EOS Capital Partners, and especially Mr. Apostolos Tamvakakis for their undivided and enduring support. I am confident that the entry of Latsco Family Ofiice into the shareholding, combined with the retention of EOS Capital Partners, further strengthens Eurocatering's dynamic path towards achieving our goals and our commitment to quality and innovation, continuing to offer healthy and fresh solutions to our consumers and customers."
Latsco Family Office investment manager in Greece, Nikos Vojtytisis, said: "We are pleased to announce our investment in Eurocatering, one of the leading and most dynamic companies in the food sector in Greece. This investment is another step in our evolving investment strategy in the country's primary and manufacturing sectors, aiming at its evolution and adaptation to modern conditions."
Apostolos Tamvakakis, Chairman and CEO of EOS Capital Partners, said: "We firmly believe that the new shareholder composition offers a new perspective for the company, which is in line with the timing of the completion of the major investment plan of the last 2 years. The completion of the investment, combined with the presence of the Latsco Family Office, are the two main reasons why we preferred the partial disinvestment, strongly believing in the future positive performance of the company."
Elikonos Capital Partner Takis Solomos said, "We are excited about the company's development and the return on our investment. I would like to thank the founder of the company and its CEO, Mr. Chrysostomos Mavropoulos, as well as Mr. Apostolos Tamvakakis, for their excellent cooperation. I am confident that, with the assistance of the new shareholder, the company will continue its excellent course.".
