Until recently, it was hard to imagine Sokratis Kokkalis’ Intracom becoming the major shareholder in Mothercare’s children’s stores in Greece. However, the company’s recent decision to essentially transform itself into a multi-industry investment company, as well as the creation of a separate subsidiary, Intracom Properties, makes the impossible possible. Thus, yesterday Intracom Holdings announced the initial acquisition of a 27.61% stake in I. Kloukinas – I. Lappas”, a company currently mainly engaged in retail, developing Mothercare stores in Greece, and in the first quarter of 2023 it will acquire an additional 46.60%, collecting a total of 74.21%, for the price about 28.7 million euros.

According to a statement released last night by Intracom Holdings, it acquired through a pre-agreed deal (block) 11,106,255 ordinary registered shares after voting rights, shares corresponding to 27.61% of the shares of I. Kloukinas – I. Lappas” by Mr. Lukas Spenzaris, the main shareholder of the company, in the amount of EUR 9,995,629.50.

Intracom also signed a binding memorandum of understanding and cooperation with other shareholders of I. Klukinas – I. Lappas”, i.e. the main shareholders of the company Mr. Ioannis Lappas, Ms. Violetta Lappas and Mary Lappas and a Cypriot company named Mutsafe Limited, as well as Ms. Cleopatra Lappas, owners in the aggregate, directly and indirectly, of 18,742,293 ordinary nominal, after the right votes, shares, i.e. interest in the amount of 46.60% of the company’s capital to acquire the above interest for EUR 18,742,293. The acquisition is expected to be completed during the first quarter of 2023. In fact, it’s worth noting that the announcement states that the shares will be transferred to either Intracom Holdings or its new subsidiary, Intracom Properties.

After all, what Intracom is said to be interested in and has proceeded with in said acquisition is the property of I. Kloukinas – I. Lappas” and, mainly, the company’s two investment properties at Ermou 44 and Ermou 47 streets, which it has leased to Adidas and the Inditex (Zara) group, respectively. The estimated fair value of the property at Ermou 44 was set at EUR 12.035 million. The property includes warehouses with an area of ​​8,525 sq.m. in Tavros, which, like the property at 47 Ermou Street, are pledged to Alfa-Bank.

With this event comes the end of the bitter dispute that has flared up in recent years between Lukas Spenzaris and the Lappa family, a dispute that ended in court when the former demanded an extraordinary audit for financial years 2020 and 2021. Last week, the court accepted an extraordinary audit for 2021.

In 2021 I. Kloukinas – I. Lappas had a consolidated turnover of 28.24 million euros and EBITDA of 6.73 million euros, while in the first half of 2022 the turnover was 13.09 million euros and EBITDA of 6.27 million euro. Total liabilities as at 30 June 2022 amounted to EUR 41.69 million.