Hellenic Dairies acquired Kouroushis in Cyprus and is now battling with Dodoni

The “battle” between the Sarandis brothers and Dodoni, and by extension between the Greek Dairies group and the American fund CVC as the main shareholder of the former Ioannina cooperative and owner of Vivartia, is taking on new dimensions.

The fight this time takes place outside Greek borders, specifically in Cyprus.

The Thessalian group Greek Dairies of the Sarantis brothers, known to the general public under the trademark “Olympus”, which today occupies a leading position in the dairy industry, yesterday announced the signing of an agreement for its participation in the share capital of the historic dairy industry “Kouroushis” in Cyprus.

Dodoni has been in Cyprus (Limassol) with a halloumi factory since 2016, while this year Hellenic Dairies started the construction of its own halloumi factory.

The new factory and Kouroushis

With a total budget of 35 million euros, the capacity of the Sarantis brothers facility in full development (expected to be reached in 3-5 years from the start of operation) will amount to 180 tons of milk/day.

But until the new factory of the Sarantis brothers in the Industrial Area of ​​Tseri in the province of Nicosia goes ahead, the Greek dairy farmers seek on the one hand to strengthen their commercial activity on Cyprus and beyond, but also to familiarize themselves with the production process of halloumi by supporting Cypriot farmers and acquiring partnerships.

Hence the acquisition of 49% of the dairy industry N. Th. Kouroushis Ltd, which was founded in 1959 in Vatili Famagusta by Ioannis Kouroushis as a family business.

After the Turkish invasion, the company relocated in 1974 to Kofinou, in the province of Larnaca, where it is housed until today. It produces an important range of dairy and cheese products, from 100% fresh Cypriot milk, through modern production processes.

The Sarantis brothers group, which recently acquired AGNO’s facilities and brand, currently holds the first place in the Greek market among dairy producers with a turnover of 427 million euros in 2021 compared to 404 million euros in 2020.

Halloumi accounts for 20% of Dodoni’s turnover

At the same time, halloumi activity corresponds to 20% of Dodoni’s turnover.

The Dodoni dairy industry showed an increased turnover in 2021 to 141.4 million euros at group level, however it “saw” its net profits decrease significantly (from 5 million euros in 2020 to 1.2 million euros in 2021) due to the historically high prices for sheep’s milk, energy and packaging materials.

The rivalry between Sarandis and Dodoni has been going on for several years and has gone through various stages.

It is recalled that the company of the brothers Michalis and Dimitris Sarantis submitted a bid for the acquisition of Dodoni in 2012 without succeeding in acquiring it.

Great prospects

It is underlined that halloumi is the first exported Cypriot product consisting exclusively of local raw materials.

Indicatively, in 2021 there were exports of 40 thousand tons, which translates to 265 million euros.

In fact, if Fact.MR’s estimates are confirmed, the global halloumi cheese market is expected to reach a valuation of nearly $900 million by the end of 2030, with an average annual growth of over 12% over the current decade.