The first leveraged buyout of a publicy listed company in Greece: Buyout of stake of P. Nikas has been completed
GLOBAL CAPITAL INVESTORS II, the Global Finance advised investment fund, completed the acquisition of a 49.92% stake of P. G Nikas AVEE, from the company’s founder and main shareholder P. Nikas. Following the transaction, Mr. P. Nikas will remain in the company as President of the Board of Directors.
P.G. Nikas AVEE, was founded in 1971. Under the management of P. Nikas, the company has become the leader in the production of processed meats products in Greece.
In addition, the company has established its presence in the Balkans and in Cyprus and is expanding its operations to the United States. For 2003, Nikas Group is expecting sales of approximately €113M and Earnings Before Taxes (EBT) and minority interest s of around €15M.
The stake acquired was valued at €60.6M. Global Finance’s investment funds contributed €25.6M and a five-year loan, arranged by EFG Telesis-Eurobank Finance, contributed €35M.
This transaction constitutes the first leveraged buyout (LBO) of a publicly traded company in Greece.
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