In its third acquisition in 2022 and second within a week “Greek dairy products” (Olympos, Tiras) of the brothers Michalis and Takis Sarantis, reaffirming the company’s ongoing strategy to expand inside and outside of Greece by acquiring control or minority shares in other companies. Yesterday it was announced that Hellenic Dairies and DELTA of the Vivartia Group have signed an agreement to acquire the first 100% of United Milk Company (UMC), a Delta Foods subsidiary in Bulgaria. So maybe the Sarantis brothers never got DELTA or even Vivartia, which they said was a longing, but in the end they got their piece.

With this move, Hellenic Dairies, which has been operating in Bulgaria since 2003 with TYRBUL SA, with a plant that mainly produces yellow cheeses, is strengthening its production base in the neighboring region, as well as its product portfolio. UMC is headquartered in Plovdiv (also known by its Greek name Philippopolis), the second largest city in Bulgaria. The company produces fresh milk, yogurt and cheese products. Operates both locally and overseas with sales in the US, Australia, Lebanon, Canada and Russia. Decades old, UMC was created through the merger of several manufacturing units acquired by Global Finance in 2003 and sold to Vivartia in 2007. UMC sales in 2021 amounted to 52.5 million euros, before taxes, interest and depreciation – 5.15 million euros and profit before tax up to 1.65 million euros. UMC employs 500 people.

The turnover of the Bulgarian company, which was a subsidiary of DELTA Foods, in 2021 amounted to 52.5 million euros.

As a reminder, Hellenic Dairies, which also has a factory in Romania, announced on August 26 that it had acquired a 49% stake in the Cypriot dairy company Kourousii, with management rights and an option to acquire the remaining shares in a second year. . After all, in Cyprus, the Trikali dairy industry is building a halloumi plant. At the end of March last year, Hellenic Dairies acquired the AGNO trademark and the assets of the once powerful dairy industry in North Hellas at an auction. The Hellenic Dairies Group reached a turnover of 427 million euros in 2021, remaining the largest dairy industry in Greece. The company has 7 factories in Greece, Romania and Bulgaria, employing 1550 people.

On the other hand, what does DELTA gain from this move? As noted in management circles, DELTA is capitalizing on UMC’s successful course by continuing to sell with a view to greater attention to the Greek market by entering new product categories and at the same time strengthening existing brands. Although the sale price of UMC has not been disclosed, DELTA sources emphatically emphasize that this is in no way a “disposal of assets”, but the sale of the company at a price several times higher than its EBITDA. Finally, it should be recalled that last year DELTA also proceeded to acquire the milk and cheese trading company “Gateni SA”, and last year its sole shareholder, the CVC fund, also proceeded to acquire 70% of the dairy company. Dodoni industry. The importance given to other food categories is also related to the Vivartia group’s acquisition of a majority stake in Hellenic Zymi and Alesis.

DELTA’s turnover in 2021 was EUR 279.57 million against EUR 275 million in 2020 with a net profit of EUR 2.94 million in 2021 against a loss of EUR 751,000 in 2020.