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Private equity funds are stepping up investments in Greece, striking deals with domestic companies that have room to expand at home and abroad despite continued economic uncertainty and turbulence across Europe.
The transactions are beginning to reshape entire industries, from food production to health care, according to market analysts. For an economy seeking more productive investment and more competitive businesses, the funds provide an alternative source of capital alongside bank lending and European funding programs.
For companies with established brands and a strong market presence, investors can provide the resources and expertise needed to accelerate growth and move into a new phase of development.
More acquisitions expected in the coming months
Further deals could follow in the months ahead, with several discussions already underway, according to market sources.
“Everyone is talking to everyone,” informed sources told To BHMA, suggesting that the need to build larger businesses will prompt even traditional players to seek outside investment and support.
Business owners are increasingly willing to share control in exchange for funding and expertise that can help finance their companies’ next stage of growth.
The current wave of investment also reflects a shift in what investors are looking for. Rather than simply buying existing sales or seeking financial returns, they are targeting businesses with potential for operational improvement, management teams capable of scaling up and products that can succeed in international markets.
The goal is to turn successful Greek companies into regional players with resilient production capabilities and recognizable brands.
Funds invest in Greek food producers
One of the latest deals came on October 20, when Halcyon Equity Partners announced an investment in Rodoula, a Greek producer of frozen dough products, desserts and baked goods. The company and the fund did not disclose the size of the stake or the purchase price.
Rodoula exports to more than 30 countries, with international sales accounting for approximately 20% of its revenue in 2025. It serves more than 3,500 points of sale.
Its expansion plans include a new 32,000-square-meter factory in Acharnes, near Athens, designed to increase production capacity, support product development and strengthen its export business. For Halcyon, the investment offers exposure to an established production platform with room to introduce new products and enter additional markets.
Another recent investment was made by Elikonos 3 in A. Vezyroglou, a producer of baby-leaf vegetables. The company controls its supply chain from planting to distribution and produces more than 3,000 metric tons annually.
It already operates a new 7,000-square-meter facility built through an investment of more than €12 million. Its plans include greenhouses and production lines for ready-made salads and cut vegetables. The fund’s investment is intended to finance the next stage of expansion by building on infrastructure already in operation.
Elikonos has also been expanding its food portfolio. In July, it invested in the Cretan bakery company To Manna N. Tsatsaronakis, and in April it invested in Vamvalis Foods, a producer of nuts, dried fruit and cereal bars that exports to more than 35 countries.
Together, the investments give the fund exposure to food manufacturing, private-label production and branded consumer products.
Ice cream, fresh pasta and restaurant chains
Halcyon has also invested in Kayak, whose brands include Kayak, Chillbox and Goatit. The business operates more than 80 company-owned and franchised stores and has a presence in more than 2,000 food-service locations.
The investment is linked to plans for international expansion, new products and potential acquisitions.
In June, Halcyon also invested in Mailo’s, a fresh-pasta restaurant concept with 50 locations across Greece, Cyprus, Lebanon and Canada. Both investments focus on brands that can expand through a combination of company-owned and franchised outlets.
Golden Age Capital has acquired a majority stake in the restaurant chain O Proedros. The fund, which has €250 million in capital, plans to make 10 to 12 investments averaging €20 million to €25 million each across food, health care and services.
At O Proedros, earnings before interest, taxes, depreciation and amortization (EBITDA) have increased from €5 million to €7 million, with a medium-term target of €25 million. The chain plans to double its network from 30 to 60 stores and is also considering expansion into the Middle East.
The fund expects to announce another two or three investments by the end of the year.
Recipe Unlimited agrees to buy Evergood
One of the most notable transactions involves Evergood, which operates a large portfolio of food-service brands in Greece.
On October 14, Vivartia signed an agreement to sell 100% of Evergood to Canadian company Recipe Unlimited, owned by Prem Watsa.
Evergood operates more than 575 locations under five brands, including Goody’s, Everest, Flocafe and La Pasteria.
For CVC Capital Partners, which controls Vivartia, the transaction represents an exit from a substantial part of the Greek food-service market. For the Canadian buyer, it provides a starting point for international expansion.
The companies did not officially disclose the final transaction value in the announcement. However, market sources put CVC’s asking price at around €300 million.
Government looks to encourage larger businesses
The government is also seeking to encourage the creation of larger companies through a new package of incentives aimed at facilitating mergers.
Deputy Prime Minister Kostis Hatzidakis announced the planned measures at an event organized by IDEAL, following two previous initiatives in this area. He linked greater business scale to improved competitiveness and the ability to expand internationally.
“Size matters,” Hatzidakis said, acknowledging the challenges of pursuing consolidation in an economy dominated by very small businesses.
Growth capital offers a buffer against uncertainty
The investment deals do not eliminate high energy costs or shield Greece from turbulence in France and pressure on borrowing costs. However, market participants argue that they can strengthen companies’ ability to withstand difficult economic conditions.
Capital, equipment, distribution networks and time to execute expansion plans can help businesses navigate a challenging period while building a stronger competitive position.
For Greek companies seeking to grow beyond their domestic market, private equity is increasingly becoming a means of financing that transition.