M&A wave reshapes Greece’s €26.2 billion food and beverage industry
Investors are accelerating acquisitions across Greek food manufacturing, premium ice cream, poultry, catering and supermarket retail. Real.gr reports that the industry generates €26.2 billion in annual revenue and €7.4 billion in exports, giving buyers both domestic scale and access to international markets.
Capital targets Greece’s largest manufacturing segment
Greece’s food and beverage industry is entering an unusually active acquisition cycle, with domestic companies, foreign strategic investors and private equity funds pursuing assets across manufacturing, food service and supermarket retail. Real.gr describes the sector as the largest component of Greek manufacturing, with annual revenue of €26.2 billion.
The industry has invested more than €7.2 billion over the past decade in infrastructure modernization, digitalization and the green transition. Its export value has reached €7.4 billion, giving investors access to established foreign distribution networks alongside the domestic market. Supermarket sales increased by 6.4% in the first half of the year, supported mainly by private-label products and changing consumption patterns, including demand for ready meals.
Deals spread from dairy to retail and poultry
EOS Capital Partners’ acquisition of a strategic stake in dairy producer Farma Koukaki was among the transactions opening the latest cycle. Real.gr also reports that EOS is in advanced discussions concerning a producer in the snacks and baked-goods segment, with Greek export opportunities central to the prospective investment. Separately, dairy company KRI-KRI is implementing its own €26 million-€30 million investment plan to expand production capacity.
Consolidation is also advancing in organized retail. The acquisition of supermarket chain ANEDIK Kritikos by Masoutis has received official approval and is moving toward completion. Discussions are reportedly at an advanced stage for Greece’s four largest groups to acquire two or three medium-sized regional supermarket chains.
Foreign strategic capital is entering primary food processing as well. Ukrainian poultry group MHP SE is gradually acquiring 70% of Th. Nitsiakos SA, changing the competitive balance in Greek poultry production. MHP is Ukraine’s largest poultry producer and exporter, is listed on the London Stock Exchange and exports to more than 80 countries. Real.gr says the transaction gives the group an established, vertically integrated production base within the European Union.
Premium brands attract private equity
Halcyon Equity Partners has announced a strategic investment in premium ice cream and frozen-yogurt company Kayak SA. Its plan covers geographic expansion, international development of the Kayak, Chillbox and Goatit brands, and a network of more than 80 stores. The fund is positioning the business around stronger tourism and consumer demand for gourmet products with higher added value.
The Kayak transaction follows Halcyon’s strategic entry into Mailo’s – The Pasta Project, a fast-casual fresh-pasta chain whose international expansion it intends to support. The fund previously acquired a minority stake in Evvoiki Zymi and financed a new, fully automated 7,000-square-metre factory at Schimatari to support exports. It has also invested in the ERGON group’s Greek delicatessen and hospitality concept.
Other buyers are pursuing the same categories. Venetis entered ice cream through the acquisition and €40 million bank restructuring of historic producer Dodoni. Real.gr reports that the stronger financial and managerial backing now available to Kayak and Dodoni could increase pressure on smaller regional operators and franchise chains, potentially encouraging another consolidation round.
More negotiations remain in the pipeline
Ready meals and catering are another focus, with Coca-Cola HBC examining an expansion into the category. The combination of export sales, resilient domestic demand and fragmented ownership continues to support dealmaking. For producers, the cycle brings capital for capacity and automation; for smaller competitors, it raises the cost of matching larger groups in distribution, branding and international expansion.
