Fairfax conducts due diligence on Vivartia food-service unit as dairy talks continue

Due diligence under way, but no agreement

Fairfax is conducting due diligence on Vivartia’s food-service division as owner CVC moves forward with efforts to reshape the Greek food group, according to Mononews. A Big Four firm is carrying out the review on behalf of the foreign investment fund. The publication stressed that no sale agreement has been signed.

Mononews reported that the two sides appear to have reached an initial understanding on valuation before beginning the review. Subject to its findings, Fairfax could submit a final offer approaching €300 million. The amount remains indicative, and completion will depend on the due-diligence results and subsequent negotiations.

Fairfax is already an investor in several prominent Greek assets. Its interest gives CVC a potential route to divest one of Vivartia’s strongest operations by earnings contribution. The food-service business ranks behind the group’s dough division as a source of adjusted EBITDA and net profit for Vivartia’s consolidated accounts.

Greece’s largest food-service group

Vivartia’s food-service division operates five chains: Goody’s, Everest, Flocafe, La Pasteria and Olympus Plaza. It also acquired the Jackaroo stores last year. The business has a leading position in travel catering, with operations at most Greek motorway service areas and on passenger ferries, as well as more than 50 years of experience providing airport food services.

Through Hellenic Catering and Olympic Catering, the division also participates in airline catering and large-scale institutional food-service contracts. At the end of 2025, it had 596 points of sale in Greece and other markets. Including its franchise network, it employed 5,000 people.

Sales and earnings increased in 2025

The division reported a 13% increase in 2025 sales to €300 million. Adjusted EBITDA rose to €32.8 million from €29.7 million, while net profit increased to €13.6 million from €12.4 million in 2024.

Including franchise stores, the wider food-service organization generated revenue of €375 million, compared with €341 million in 2024. Operating cash flow reached €26.6 million, while capital expenditure was approximately €21 million. At the end of 2025, bank debt stood at €100.8 million and lease liabilities approached €60 million.

Those figures give a prospective buyer a sizeable domestic platform with established consumer brands, travel locations and production capabilities. They also show the capital and financing commitments attached to the operation: capital expenditure absorbed most of the year’s operating cash flow, while bank and lease obligations together exceeded €160 million.

Dairy negotiations remain separate

CVC is continuing separate negotiations to sell Vivartia’s dairy division, formerly DELTA. Mononews said proposals have been submitted, but interested parties’ offers have not matched the seller’s financial expectations, and no transaction has progressed to an agreement.

The parallel processes could lead to a substantial reorganization of Vivartia if either sale is completed. For now, however, Fairfax’s review represents a potential transaction rather than a binding deal, while the dairy process remains unresolved. Investors, suppliers, franchisees and employees will therefore be watching the due-diligence outcome and the terms of any final proposal.