July 30, 2021
The food company MINERVA reached an agreement for the acquisition of Mediterranean Foods SA, in the framework of its strategy for the expansion of its activities in additional sectors of the food market.
Based on the agreement, MINERVA SA becomes a majority shareholder of Mediterranean Foods SA.
With the new acquisition, MINERVA strengthens its portfolio with seasoning products and two brands, Brava and Delicia. In addition, it acquires the production unit of Mediterranean Foods in Leonidio, Arcadia, a modern factory with an area of 5,200 sq.m. where four product categories are produced (mustard, ketchup, mayonnaise and sauces) for both the retail and the wholesale food market.
Mediterranean Foods SA was founded in 1987 and today holds about 100 SKUs in retail and food service packaging, under the name BRAVA and DELICIA, while its production amounts to 1,600 tons. The company’s sales in 2019 amounted to 3 million euros and earnings before interest, taxes, depreciation and amortization (EBITDA) to 400,000 euros. The gross profit margin in 2019 was 28.58% and the EBITDA margin was 12.94%.
Mrs. Chryssa Bonou, General Manager of MINERVA SA stated “We are proud to welcome Mediterranean Foods products to the big MINERVA family, and we are enriching our portfolio with new brands and new product categories,”. Getting inspiration from our consumers trust, we continue to grow and invest in the Greek production, to support the Greek families and the Greek society “.
MINERVA SA Oil Companies, with a history and experience of almost 120 years, is today one of the largest companies in Greece in the food sector. Holding strong brand names such as Minerva, Chorio, TOP, Fast, SAVOI, Pummaro, Minerva has a portfolio that extends from olive oil and cheese products to vinegar, tomato, organic products and functional foods, covering the increasingly demanding nutritional needs of the modern consumer. Utilizing the experience and know-how of decades, Minerva listens to the needs of the market and is a pioneer, launching products that combine innovation with quality.