Hellenic Dairies expands with acquisition of Dodoni dairy business

GREECE – Hellenic Dairies, a third-generation dairy business, has acquired Dodoni, a local dairy business, from the Vivartia Group, expanding its footprint in the region.

The transaction, driven by Nutrico Food Group, part of Vivartia Investments, was announced without disclosed financial terms but is pending approval by Greece’s competition regulator.

Local law firm KBVL, which advised Hellenic Dairies on the transaction for feta cheese maker Dodoni, provided more detail, said: “This is the largest M&A transaction in the Greek dairy sector in the recent years, with a total deal value of approximately €205m (US$239.4million), and marks a transformational moment for the industry.

Upon completion, Hellenic Dairies will emerge as Greece’s largest dairy company, expanding its domestic presence and international reach.

Hellenic Dairies recorded a 21.3% increase in turnover reaching €600m (US$697.7 million) in 2023, with a notable EBITDA climb of 44.7% to €94.1m (US$109.6 million). Vivartia Group remains a key player in Greece’s food sector, posting a revenue of €930m (US$1.08 billion) in 2023.

Private-equity firm CVC Capital Partners, which acquired Vivartia in 2020 for €175m (US$204.47 million), holds a majority stake in Dodoni, expressing interest in clarifying the investment status post-sale.

Dodoni is known for its feta cheese, yogurts and halloumi. Set up in 1963 in Loannina, part of the Epirus region, the company also has a vegan Plant’d range based on coconut oil. It is sold in 50 countries, primarily in Europe, but also in the US and Australia.

 As of the end of December 2023, the latest financial data available on its website shows that Hellenic Dairies booked an annual turnover of €600m, representing a 21.3% increase from the previous 12 months.

Hellenic Dairies completes EUR 40M logistics hub in Romania

Recently, completed its EUR 40 million (US$46.48 million) logistics hub that would serve the group’s regional operations, under its Fabrica de Lapte Brasov subsidiary.

The logistics hub in Brasov will serve both the local market and all the countries where Olympus dairy products manufactured in Romania are exported, such as Germany, Italy, France, Great Britain, Bulgaria, or Serbia, the company said.

Developed vertically, the new Olympus high-bay cold store hosted by the logistics hub offers a high volume with a small footprint (6 times smaller than conventional facilities) and lower energy consumption.

“The new logistics hub allows us to strengthen our position in international markets while ensuring that our products are stored and delivered in an efficient and environmentally friendly way. We will continue to invest in technologies that respect the environment,” said Athanasios Giannousis, commercial manager of Olympus Romania.

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