A move of strategic importance that brings new business opportunities for the agri-food sector of Crete is created by the absorption of Biochim by ABEA (Anonymos Industrial Company Anatoli).

The General Manager of ABEA, Alexandros Markantonakis, speaking to FnB Daily, said that the merger of the two companies creates a powerful business entity that aims to highlight Crete as a model of innovation and sustainable development, offering products of high nutritional value at a global level.

DISCUSSIONS FROM... 2014 

The two companies have been collaborating for years due to their participation in the Delights of Crete business cluster, in which Mills of Crete and Vero Kritiko have a presence. In fact, discussions for the absorption of Biochim had begun in 2014 and were completed in the second quarter of 2024 for reasons of creating economies of scale and rational use of human resources.

THE ROLE OF KIKIZAS & KARAMOUZIS

As Mr. Markantonakis admitted, the business environment in Crete is changing, a fact that is particularly noticeable in the food sector, with olive oil, which is one of the main exported products of Crete, being the "golden fruit" for large companies in the sector.

Let's not forget the entry of Melissa Kikiza in the olive oil sector with the acquisition of Terra Creta and the triple acquisition by the SMERemediumCap (SMERC) investment fund, in the interests of Nikos Karamouzis and the Inspiring Earth group, of the majority stake of Latzimas, Sitia-Olias-LASITIA and Olympian Green International, with the aim of creating the national champion in olive oil.

STRATEGY

Markantonakis stressed that the formal completion of the deal and the integration of one company into the other has been smooth and has led to a better allocation of human resources of both organisations.

The new company ABEA - Biochim, whose main shareholder is the Cooperative Bank of Chania, focuses on three main pillars on which the implementation of its strategy will be based.

Innovation: High added value products

• Premium olive oils and juices: High polyphenol products and natural juices without preservatives
• Ιnnovative packaging: Introduction of practical olive oil packaging that maintains freshness and nutritional value
• Organic and PDO products

Sustainability

• Cooperation with local producers to strengthen the local economy
• Reducing the environmental footprint through the application of innovative production methods that respect natural resources
• Circular economy: Utilisation of by-products to create new products

Extroversion: expanding markets

A key priority in the new company's strategy is to strengthen exports. In 2024 ABEA covered 60% of its turnover through sales in over 30 countries.

"The consolidation further strengthens access to foreign markets, while there are new discussions and partnerships with distributors and retail chains in Europe, Asia and America," Markantonakis tells FnB Daily, adding that promoting "Made in Crete" as a synonym for quality is high on the agenda.

He also added that there are many years of experience in the export sector from both companies, as their portfolio has an exportable character, while new products that have already been developed during the joint course, such as Biochim's sparkling juices and ABEA's specialized oils are being expanded through the joint networks.

During the first half of the year, the portfolio will also be strengthened by new products from ABEA's side.