CVC changes Vivartia’s corporate structure

Eight months after the acquisition of Vivartia, the American investment capital CVC Capital Partners is changing its operating model.

Following the Extraordinary General Meeting of Vivartia shareholders, one of the topics of which was the establishment of three companies through the contribution in kind of existing shares of the company, on Tuesday 23 and Wednesday 24 November, the sole proprietorships Frozen Holdings, Dairy Holdings, and Food and Services Holdings were established .

Read also: Why Goody’s is absorbing Everest, Evercat and Pasteria

Frozen Holdings represents the frozen sector and was established with a contribution in kind of all the shares of “Barba Stathis Sole Proprietor Industrial and Commercial Company” to cover its share capital, which was set at 191.756 million euros.

Dairy Holdings in the dairy sector was established with a contribution in kind of all the shares of “Delta Foods Single Person SA”. to cover its share capital, set at 252.715 million euros.

And the establishment of Food and Services Holdings in the catering sector took place with the in-kind contribution of all the shares of 100% subsidiaries Everest A.E. (Holdings and Investments Societe Anonyme) and Goody’s SA (Catering Services Societe Anonyme) to cover the share capital of the established, which was set at 82.787 million euros.

The valuation

The aim is to streamline the group’s operation by saving on operating costs and creating economies of scale.

According to the valuation report made by PKF Hellas, 100% of the shares of Barba Stathis were estimated between 173.1 million euros and 213.4 million euros (average price 191.8 million euros).

For 100% of Delta Foods it was between 234.1 million euros and 274 million euros (average price 252.7 million euros, while the value range for 100% of Everest shares was estimated between 34.3 and 42, € 7 million (average price € 38.2 million) For Goody’s SA the valuation was between € 40 and € 49.7 million (average price € 44.6 million).

Who’s on the Board?

In all three companies, the first Board of Directors consists of Panagiotis Throuvalas (chairman), Athanasios Papanikolaou (vice-chairman) and Spyros Papagiannis (member).

It is reminded that Panagiotis Throuvalas is the chairman of the Board. of Vivartia Holdings, Thanasis Papanikolaou vice president and CEO and Spyros Papagiannis financial director and member of the Board.

Loan from the parent company

In fact, according to an announcement by Vivartia that has been posted on GEMI, a joint unsecured bond loan up to the amount of 570,000 euros was signed with the parent company Venetiko Holdings (CVC Capital Partners).

The loan amount will be used by the company to pay the fee in favor of the Competition Commission required for the establishment of its three new subsidiaries, Frozen Holdings, Dairy Holdings and Food and Services Holdings.

It should be noted that the company Venetiko Holdings M.A.E. was established on March 23, 2021 in Greece and is indirectly controlled by CVC Capital Partners SICAV-FIS S.A. through certain chapters.

Venetiko Holdings holds the majority of the share capital and voting rights of Vivartia Holdings, which heads the Vivartia group.

It was preceded by the merger in food service

It is recalled that a few days ago a draft merger agreement with the absorption of the companies Everest, La Pasteria and Evercat was posted on GEMI under the “umbrella” of Goody’s.

As noted, the aim of the merger is to create a strong brand, which will be able to take advantage of business opportunities more efficiently and more flexibly and achieve better terms of cooperation in the wider area of ​​catering services.