Delta Dairy sale stalls as CVC seeks €300 million and Greek rivals cap bids
CVC has reportedly spent about a year seeking a buyer for Greek dairy company Delta, but its valuation remains the main obstacle. Onlarissa.gr reports that CVC is asking close to €300 million, while Hellenic Dairies’ ceiling is said to be €200 million.
Valuation gap holds up Delta sale
CVC’s attempt to sell Delta Dairy remains unresolved after about a year of discussions, with the asking price emerging as the central obstacle. According to Onlarissa.gr, the investment fund has completed its investment cycle in the Greek dairy company and wants to exit, but prospective buyers have rejected the valuation sought.
The publication reports that CVC is asking close to €300 million and has shown little willingness to lower that figure. Delta generated €18.5 million in earnings before interest, taxes, depreciation, amortisation and financial results in 2024. The reported price therefore represents more than 16 times that earnings measure, before considering the company’s limited export presence.
The impasse is notable because Greek strained yogurt and feta are performing strongly in international markets. Greek dairy producers, including medium-sized companies, have expanded their products across Europe. Delta, however, has yet to translate its domestic position and brand into a comparable export footprint, reducing its strategic appeal at CVC’s proposed valuation.
Greek dairy groups resist the asking price
One of CVC’s first reported discussions was with Spyridon Theodoropoulos of Bespoke. His plan envisaged linking Delta Dairy with Mevgal, in which he is a minority shareholder, and strengthening Delta’s export activity. Those talks did not produce a transaction.
CVC also explored a deal with Hellenic Dairies, the group controlled by brothers Dimitris and Michalis Sarantis. The company has already expanded through acquisitions, buying Vivartia’s Bulgarian subsidiary and, more recently, Dodoni. Onlarissa.gr reports that this process also failed because Hellenic Dairies was unwilling to meet CVC’s price for a business with a minimal export footprint.
The Sarantis brothers’ maximum valuation is reportedly €200 million. That leaves a gap of about €100 million between the seller’s expectation and the level the potential buyer is prepared to consider. With both sides maintaining their positions, patience has become part of the bidders’ negotiating strategy.
CVC faces a narrower set of options
No European dairy group has shown interest in entering the Greek market through the acquisition, according to the report. The absence of an international bidder limits competitive tension and leaves CVC dependent mainly on domestic groups that already understand Delta’s operations, brands and market position.
CVC now appears to have two broad options. It could accept prevailing market valuations and select one of the two interested Greek parties, or transfer Delta to another fund within the same or a friendly investment group, potentially in exchange for another company, while waiting for more favourable conditions.
For Greece’s dairy industry, the outcome could affect consolidation and export capacity. A combination with Mevgal or a sale to Hellenic Dairies would place Delta inside a larger domestic production platform. Yet the €100 million valuation divide shows that strong demand for Greek yogurt and feta does not automatically justify a premium for a company whose own international sales remain limited.
