30 JUN 2021
Minerva Food Enterprises reached an agreement for the acquisition of Mediterranean Foods S.A., in the framework of its strategy for the expansion of its activities in more sectors of the food market.
Under the agreement, MINERVA S.A. EDIBLE OILS AND FOOD ENTERPRISES becomes a majority shareholder of Mediterranean Foods S.A.
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 wholesale food market.
Mediterranean Foods S.A. was founded in 1987 and today holds about 100 SKUs in retail and foodservice packaging, under the brand names BRAVA and DELICIA, while its production amounts to 1,600 tons. The company’s sales in 2019 amounted to €3 million and earnings before taxes, depreciation and amortization (EBITIDA) to €400,000. The gross profit margin in 2019 was 28.58% and the EBITDA margin was 12.94%.
Mrs. Chrysa Bonou, Managing Director of MINERVA S.A. Edible Oils and Food Enterprises 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 S.A. Edible Oils, 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, Horio, TOP, Fast, SAVOI, Pummaro, Minerva, it 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 modern-day consumers. By leveraging the experience and expertise acquired over decades, Minerva stays abreast of market needs and leads the way in launching products that combine innovation with quality.
