BUSINESS

Ex-Chipita owner builds a new empire

Ex-Chipita owner builds a new empire

Former Chipita owner Spyros Theodoropoulos is building a new food conglomerate, announcing on Friday the acquisition of food companies Edesma and its subsidiary Amvrosia. The transfer of shares will be completed in April.

Edesma started in 1900 in Smyrna –present-day Izmir in western Turkey – as a cold cuts store by Dimitris Ganiotis, before relocating to Thessaloniki in 1914. In 1991 it set up ready-made food and salad subsidiary Amvrosia.

This has been the third business move by Theodoropoulos since the start of the year when he disengaged himself from Chipita with the completion of its sale to Mondelez International.

In January the Greek entrepreneur acquired a 95.05% stake that the Olayan group had in cold cuts company Nikas, and earlier this month he announced a provisional agreement with the EOS Capital Partners for the takeover of Hellenic Juices SA.

Furthermore, Theodoropoulos is understood to be in advanced talks with Kremel in Crete, which has a long history in plant-based cheese products and has shown high growth rates in recent years, boosted also by its exporting activity.