EY: Cosmos Aluminum acquired 51% of MC Chargers

The agreement for the acquisition of a majority capital of MC Chargers IKE by Cosmos Aluminum SA was recently signed, with the contribution of EY Greece, according to a relevant announcement.

Specifically, the agreement provides for the acquisition of 51% of the share capital of MC Chargers, as well as the possibility of covering future financing rounds, by Cosmos Aluminum.

EY participated in the agreement as an exclusive consultant on behalf of MC Chargers, offering financial advisory services to the company, throughout the process of finding a preferred investor and the negotiation process for the finalization of the agreement.

The “who is who” of the companies

The upstart MC Chargers was founded in 2019 based in Thessaloniki, and is a pioneer in the development of integrated charging solutions for electric vehicles, which are designed and produced in Greece by its engineers. The company undertakes the design of the hardware (hardware: board, wiring, sensors, metal charger housing, etc.) and the production of the final product, depending on the customer’s specifications, the development of special software for the management of the charging stations operation and electricity purchase and sale transactions, as well as the installation of charging stations in Greece and abroad, while covering their support and maintenance.

Respectively, Cosmos Aluminum, based in Larissa, is a standard aluminum extrusion unit on a pan-European level, with a fully automated production process using robotic machines. The company is completely extroverted, exporting about 95% of its production, and is growing rapidly since its inception in 2007, expecting to record sales of over € 150 million for the year 2021.

It is recalled that, Messrs. Xenophon Cantonias, Ioannis Cantonias, and Theodoros Cantonias, President, Vice President and CEO of Cosmos Aluminum, respectively, had won the EY Greek award “Entrepreneur of the Year” 2017.

The goals of the investment

The investment aims to finance MC Chargers’ development plans, which focus on transferring production to new, larger facilities in the Sindos Industrial Park, as well as in the market of additional mechanical equipment. The main investment cost, however, concerns the hiring of new electricians / electronics engineers, as well as software developers, to further strengthen the research and development (R&D) department and production capacity of MC Chargers, aiming to gain a leading position in the Greek market and in the export of Greek know-how, in the first phase, to markets in Europe, Asia and Oceania, during the next five years.

On behalf of Cosmos Aluminum, Mr. Thodoris Cantonias, Deputy Chief Executive Officer, said: “An important goal of our company is being achieved, which is to invest in the future. We believe that the creativity and innovative technology of MC Chargers in combination with the experience of Cosmos Aluminum in entrepreneurship, pave the way for the establishment of MC Chargers at the top of electric charging companies in Greece. The goal of Cosmos Aluminum has always been to penetrate the space called the green transition and with this investment we believe that it is achieved in its entirety. The potential is huge and we are confident that there will soon be new opportunities to create related technology products. ”

Commenting on the agreement, Mr. Nikos Bris, Director and Chief Services Officer of Corporate Strategy and Transactions at the EY office in Thessaloniki, said: “We are very happy to complete this transaction, for many reasons. First of all, because this is the largest investment in a start-up company in our country in the wider field of electrification, in a company that developed and manufactured the first Greek charger. Secondly, this partnership creates conditions with a multiplier sign in the future, for the promotion of “Made in Greece” technology and the capabilities of Greek human capital around the world. At the same time, the importance of the agreement is strengthened, as it is implemented by two companies outside Athens, based in Thessaloniki and Larissa respectively, while the financial advisory support of the transaction was implemented entirely by the team of Corporate Strategy and Transactions. based in the EY office in Thessaloniki. We are very happy that, through our support, we, as EVs, are contributing to the transition to a more sustainable and greener world and, on the other hand, to