Greek chocolate maker ION takes 35% stake in Mexico wafer venture

Mexico venture extends ION’s international footprint

Greek chocolate producer ION has agreed to establish a joint venture in Mexico to market and distribute wafer products in Mexico, Latin America and North America. Liberal reported that the agreement was signed on April 28, 2026, and gives ION a 35% interest in the new company. The expansion forms part of the international strategy of Bespoke SGA Holdings, the Greek food group that has controlled ION since 2022.

ION will provide production expertise to a company affiliated with the venture. That company will manufacture the wafers and supply them exclusively to the joint venture, which will handle their commercial distribution. Trading is expected to begin when the venture starts operating, while full-scale activity depends on completion of production facilities in Mexico.

The structure gives ION access to the region without requiring it to own the entire Mexican operation. Mexico is intended to become both a production base and a commercial platform for neighboring markets. Bespoke is also expanding its US presence: according to Liberal, it contributed about €301,000 to a 2026 capital increase at Bespoke USA, bringing its holding in that business to 51%.

Greek factories remain the core investment priority

The Mexican project is advancing alongside an approximately €167 million investment program covering ION’s operations in Arta and Stylida and its subsidiary Lavdas in Gastouni. In Arta, the first phase was implemented during 2025, including a new automated, higher-capacity production line in a newly built industrial facility. The project is designed to raise productivity while reducing energy consumption and losses.

At Stylida, ION plans a new chocolate-products plant on company-owned land. The project is being developed in phases and is scheduled for completion in 2028. Financing combines equity and 15-year borrowing maturing in December 2039, with support from Greece’s Recovery and Resilience Facility and Piraeus Bank.

Lavdas is investing €24 million in Gastouni in a new factory, additional production lines, reconstruction of buildings and modernization of existing infrastructure. The program began in late 2024 and is financed through company funds and borrowing involving the Recovery and Resilience Facility and Piraeus Bank. Lavdas drew €10,475,589 in March 2025 under the financing arrangements.

Revenue growth comes with comparison and cost caveats

ION’s consolidated sales reached €209.13 million in 2025, up from €135.87 million in 2024. EBITDA rose to €24.61 million from €11.81 million, while net profit increased to €15.82 million from €3.50 million. Insider cautioned that the annual figures are not fully comparable because the 2025 accounts include Lavdas for the entire year and Bulgaria-based Interion from March 1 through December 31.

ION acquired 74.99% of confectionery producer Lavdas and Olympic Hermes on December 11, 2024, and bought 100% of Interion on February 17, 2025. Interion added NuCrema spread and other chocolate products to the portfolio. The group is scaling production and entering Mexico while managing volatile cocoa prices, energy and transport costs, inflationary pressure on consumption and net debt of €63.79 million at the end of 2025. Of that amount, €30.78 million related to investments in progress.