Deal brewing in logistics
The local logistics industry is a magnet for acquisitions and mergers, so the concentration process continues in this particular market, where fragmentation is a key feature.
Kathimerini understands that the EOS Capital Partners fund of Apostolos Tamvakakis, together with two other entities, are in talks with the Med Frigo group for the acquisition of it and its subsidiary, Cargo Med.
“There are discussions that have not yet led to a definitive agreement,” noted sources following the ongoing processes between the two sides.
Med Frigo, with managing director Sotiris Brakatselos, was founded in 1991 and offers temperature-controlled logistics and transport services. During the fiscal year 2021, it reported turnover of 40.6 million euros and profits before taxes of €6.4 million, having logistics centers in Aspropyrgos, Thessaloniki, Igoumenitsa and in Patra, where the company’s headquarters are located. Its subsidiary, Cargo Med, last year recorded turnover of €18.3 million and pre-tax profits of €952,000.
The above transaction, if carried out, will constitute the second investment in the logistics industry for EOS Capital, which was founded in 2017. The fund, which has assets under management of €150 million, acquired last June 49% of an international transport company based in Zurich, Seagull.
Another transaction, which is estimated to be completed in the near future, concerns the acquisition of 80% of Orphee Beinoglou by US fund HIG Capital Advisors. The other 20% will remain in the Beinoglou family, with Dimitris S. Katsadakis (nephew of the current president and great-grandson of the founder) currently occupying the position of vice president of the company. It is worth noting that the deal between Orphee Beinoglou and HIG Capital appears to have been in progress since the winter of 2021, with the heads of the transport company maintaining, over time, silence about the discussions on both sides.
HIG Capital, which acquired Makios Logistics in 2021, also controls 70% of “Olympia – Kandyli,” seeking to increase its share of the Greek warehouse market to approximately 18%.
HIG is also launching the development of a storage and distribution center in Aspropyrgos, on the property of Hellenic Steel.
