DECA Investments AIFM, the exclusive investment manager of Diorama Investments SICAR (“Diorama” or the “Fund”), announces the additional investment of the Fund in Damavand SA (“Damavand” or the “Company”), of EUR 8mn through a share capital increase. Following this investment Diorama will be the majority owner of Damavand.
Damavand is a growing Greek company involved in the processing of agricultural products, mainly tomato and fruit. This is a sector in which Greece enjoys a significant competitive advantage. Damavand is one of the largest companies in the sector, with significant growth prospects and strong export orientation. The investment will enable Damavand to increase substantially its production, use its competitive advantage afforded by its geographic position, increase substantially its revenues and exports and enhance its competitive position internationally.
Ms. Christina Karachaliou, Damavand’s Chief Executive Officer stated: “At a time when the demand from our clientele is showing a remarkable growth it is important that the company copes with it successfully. Our corporate goal is to respond promptly to all challenges. This has always been our philosophy for the benefit of all the people with whom we became family on this journey.”
John Kalantzis, DECA Investments AIFM CIO stated: “Our decision to invest in Damavand two years ago was based on the attractiveness of the sector, the excellent geographic location of the plant and the quality of the Company’s clientele. Despite the significant worsening of the yield of the tomato crop in the last year, which damaged the whole sector, the Company and the sector remain attractive. The acceptance of Damavand by premium multinational companies and its successful penetration of global markets requires that the company strengthens its capital base. Our additional capital contribution will support the Company’s growth and will provide further comfort to our farmers suppliers for the development of tomato cultivation.”
Diorama has so far invested in five companies. Apart from Damavand, the other portfolio companies are involved in the production and trading of adhesive tapes and other packaging material (Atlas Tapes), the digital music streaming and the digital advertising in mobile applications (InternetQ), the fresh milk packaging (Adam Pack) and the production and distribution of women’s apparel, purses, shoes and accessories (Axel Accessories).
Diorama Investments SICAR is a growth fund with EUR 135mn commitments established in Luxembourg in September 2014. Its goal is to make equity investments, usually through a capital increase, to Greek small and medium enterprises. Diorama’s shareholders comprise prominent Greek and international investors including the European Investment Fund, The European Bank for Reconstruction and Development and the European Investment Bank. Diorama is managed by DECA Investments AIFM, which is regulated by the Hellenic Capital Markets Commission.
This investment benefits from the support of the European Union under the Equity Facility for Growth established under regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Program for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020).
This investment benefits from the European Fund for Strategic Investments, one of the pillars of the Investment Plan for Europe. The Investment Plan for Europe focuses on strengthening European investments to create jobs and growth.