Global Capital Investors II acquires controlling stake in Eurodrip S.A.

Global Capital Investors II LP has completed, through the Athens Stock Exchange, the acquisition of a 49.3% controlling stake in Eurodrip S.A., from existing shareholders, D. Paraskevopoulos and Bellaria Holdings. The transaction took place at a price of €2.3 per share for a consideration of €12.42 million.

Eurodrip, founded in 1979, is a leading player in drip irrigation, a specialized segment within the agricultural irrigation market. The Company maintains production facilities in five countries (Greece, US, Turkey, Egypt and Jordan) and commercial presence in over 40 countries. In 2004, Eurodrip reported sales of €35 million, EBITDA of €4.7 million and EBT of € 1.6 million.

Following the investment by Global Capital Investors II, the company will proceed with a capital increase in order to strengthen its balance sheet and secure the resources necessary to pursue its growth plans. Eurodrip will seek to reinforce and expand its market share in a number of strategic markets and will undergo an internal reorganization and restructuring.

Mr. Mihalis Panagis, a professional with 17 years of experience in a large multinational Greek packaging group, has taken up the role of Managing Director. Mr. D. Paraskevopoulos will remain as President of the Board of Directors in order to assist with the transition and to contribute to the company’s continuing growth.

This constitutes the second management buy-out of a publicly traded company in Greece.

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