Weekly M&A Debrief (19-25/1/2026)

By Nikos Tsolakis, Zeynep Giousemoglou, Stavroula Bichta, Dimitris Machairas, Angeliki Stampouli and Thanasis Ntatsis

MATERIALS

1) Kyklos Participations Reaches 95.96% Stake in Akritas

Kyklos Participations S.A. completed its voluntary public offer for Akritas S.A., acquiring an additional 5.69% stake, corresponding to c.1,541,873 shares, and increasing its total ownership to 95.96% of voting rights. The offer was priced at €1.08 per share in cash and allows the bidder to exercise squeeze-out rights for the remaining shares, paving the way for the delisting of Akritas from the Athens Stock Exchange.

Implied Equity Value: €29.3m

Implied Enterprise Value*: €47.1m

EV/EBITDA: 10.75x

*Implied transaction equity value plus FY-24 net debt

The Target

Akritas S.A. is a Greece-based industrial company active in the wood processing and building materials sector, with a core focus on the production of wood-based panels, including particleboard and melamine-faced products. The company serves the furniture, construction, and interior design markets in Greece and abroad, leveraging long-standing industrial know-how and vertically integrated operations.

Revenue – 2024: €38.3m

EBITDA – 2024: €4.4m

Net Income – 2024: €3.0m

Net Debt – 2024: €17.9m

Leverage – 2024: 4.07x

The Buyer

Kyklos Participations Single Member S.A. is a Greek holding and investment company focused on the acquisition and management of strategic equity participations. It operates as an investment vehicle with sole shareholder Loukia Saranti, pursuing long-term value creation through targeted corporate investments across selected sectors.

REAL ESTATE

1) Bain Capital Sells Cora Resort & Spa to Fattal Hotel Group

Bain Capital completed the sale of the 5-star Cora Resort & Spa in Afytos, Chalkidiki, to Israel’s Fattal Hotel Group, marking a new hotel M&A deal in Greece. The 181-room resort, which was fully refurbished with a €24 million investment under Bain’s ownership, will reopen in 2026 under the Leonardo Limited Edition brand, supporting Fattal’s strategy to expand its presence in prime Greek leisure destinations.

The Target

Cora Hotel & Spa is a 5-star luxury resort in Afytos, Chalkidiki, featuring 181 rooms, wellness facilities, and multiple dining options. It caters to leisure travelers seeking a seaside retreat with modern amenities and high-end services in Northern Greece.

Financials from AFYTOS OPCO S.M.S.A.:

Revenue – 2024: €5.1m

EBITDA – 2024: (€0.7m)

Net Income – 2024: (€1.1m)

Net Debt – 2024: €3.3m

Leverage – 2024: nm

The Buyer

Bain Capital, LP is a global private investment firm founded in 1984 as a private partnership. It is recognized as one of the world’s leading investment firms, committed to creating lasting impact for investors, portfolio companies, employees, communities, and the environment by investing across multiple asset classes and geographies.

INDUSTRIALS

1) Emil Frey Group makes strategic investment in P.J. Condellis

Emil Frey Group has entered into an agreement to acquire stake in P.J. Condellis S.A., a leading Greek distributor of agricultural, construction and industrial machinery. The transaction is subject to approval from the Hellenic Competition Commission and is expected to be finalized in April 2026. This transaction aims to strengthen Condellis’ growth prospects in Greece, with the company’s existing management remaining actively involved.

The Target 

P.J. Condellis S.A. is a long-established Greek enterprise, founded in 1958, with strong presence across agricultural machinery, professional vehicles and industrial equipment. Over the past six decades, the company has played a key role in supporting the development of primary production, mobility and infrastructure in Greece.

Revenue – 2024: €68.2m

EBITDA – 2024: €5.5m

Net Income – 2024: €1.8m

Net Debt – 2024: €20.2m

Leverage – 2024: 3.67x

The Buyer

Emil Frey Group is a European automotive retail and distribution group active in the sale and servicing of new and pre-owned vehicles. The group operates a multi-brand automotive network across several European markets, complemented by aftersales and related mobility services.

CONSUMER STAPLES

1) Coca-Cola HBC Becomes World’s Second Largest Bottler via Landmark $2.6bn Africa Deal 

Coca-Cola HBC has secured shareholder approval for the $2.6bn (€2.2bn) acquisition of a 75% stake in Coca-Cola Beverages Africa (CCBA), a move that establishes the group as the world’s second-largest Coca-Cola bottler. The transaction, valued at a 9.7x EV/EBITDA multiple, is financed through $308 million in cash and the issuance of 21 million new shares (5.47% equity), while including a call option for the remaining 25% within 3-5 years. This strategic expansion rebalances the group's geographic footprint, effectively pivoting growth toward emerging markets (40%+ of EBIT) and reducing Russian exposure to 16%, all while maintaining a conservative leverage ratio below 2x. Analysts remain positive, with Jefferies projecting the deal to be EPS-accretive within the first year and Citi targeting a £40 share price as the integration matures.

Enterprise Value: $3.5bn

EV/EBITDA: 9.7x

The Target

CCBA is the eighth largest Coca-Cola authorised bottler in the world by revenue, and the largest on the continent. It accounts for over 40% of all Coca-Cola ready-to-drink beverages sold in Africa by volume. With over 14,000 employees in Africa, CCBA group services more than 800,000 customers with a host of international and local brands. CCBA group operates in 14 countries: South Africa, Kenya, Ethiopia, Uganda, Mozambique, Namibia, Tanzania, Botswana, Zambia, Eswatini, Lesotho, Malawi and the islands of Comoros and Mayotte.

Revenue – 2024: $3.6bn

EBITDA – 2024: $465m

The Buyer

Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. The company serves 750 million consumers across a broad geographic footprint of 29 countries. Its portfolio is comprised of consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan, Jack Daniel’s and Grey Goose.

TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

1) Elyos AI Secures €11.1m Series A to Scale AI-Driven Solutions for Field Services

London-based startup Elyos AI, founded by Greek entrepreneurs, has successfully closed an €11.1m ($13m) Series A funding round led by Blackbird Ventures, with participation from Y Combinator and Pi Labs. This capital injection, which brings the company’s total funding to €13.7m, is earmarked for accelerating the development of specialized AI agents tailored for the technical services sector. The strategic roadmap includes expanding the engineering team, enhancing commercial go-to-market operations, and deepening integration with field service CRM systems to provide advanced voice, email, and messaging capabilities. Looking ahead to 2026, Elyos AI aims for aggressive international expansion, while simultaneously evaluating the establishment of a strategic technology hub in Greece.

The Company

Founded in 2023 via Y Combinator, Elyos AI transitioned from climate-tech to a leading developer of AI agents for the global field services industry, including HVAC, plumbing, and facility management. The company’s platform automates high-volume operational tasks (such as scheduling, dispatching, and payments) integrating directly with industry-standard CRMs to eliminate manual overhead.

2) Announcement of Consideration: Completion of the Acquisition of Algosystems S.A.

Profile Systems & Software S.A. announced the successful completion of the acquisition of Algosystems S.A., following the fulfillment of all agreed terms and conditions of the transaction.On 22 January 2026, Profile completed the acquisition of a majority stake of 87.23% of the share capital and voting rights of Algosystems S.A. The total consideration for the transaction amounted to €3.7 million, in line with the range previously communicated to the investing public.

Enterprise Value: €4.24m

EV/Revenue: 0.31x

EV/EBITDA: nm

The Target

Algosystems is a solution provider and system integrator, in Information & Communications Technology, Automation & Control, and Metrology markets.

Revenue – 2024: €13.6m

EBITDA – 2024: (€0.1m)

Net Income – 2024: (€0.3m)

Leverage – 2024: 0.1x            

The Buyer

Founded in 1990, Profile Software is a leading international software solutions provider for the Banking and Investment Management industries. The company has a presence in Europe, the Middle East, America, Asia and Africa delivering innovative solutions to both start-ups and established banking & finance institutions, through direct communication or a reliable partners network.

RUMOURS AND OTHER DEVELOPMENTS

1) Rumor: Masdar & Terna Energy Scouting for New Deals

Market chatter following the "Abu Dhabi Sustainability Week" suggests that Masdar is far from finished with its expansion in Southeastern Europe. Despite completing the massive €3.2bn acquisition of Terna Energy just 18 months ago, the UAE giant is reportedly keeping active for fresh opportunities.

Sources indicate that Masdar intends to use Terna Energy not just as a local asset, but as its primary vehicle for aggressive expansion across the Balkans. While organic growth remains a priority, Abdulaziz Alobaidli, Masdar’s COO, reportedly hinted that the group is open to new acquisitions if the right opportunities arise.

The strategy is driven by the expectation of exponential demand growth from Data Centers and AI, which Masdar believes will create significant space for new renewable capacity, regardless of short-term political headwinds in the US or EU.

2) Metavallon VC launches €5m "Brain Gain" fund

Metavallon VC has announced the launch of a new €5m micro-fund dedicated to reversing the "brain drain" of Greek talent. The "Brain Gain Fund" aims to repatriate highly skilled professionals by investing in early-stage deep-tech and life sciences startups that commit to establishing a significant presence in Greece. The initiative is supported by the European Investment Fund (EIF), the Hellenic Republic (via EquiFund), and the Hellenic Development Bank of Investments (HDBI).

The Fund Focus

The fund targets pre-seed stage companies founded by Greeks living abroad or spin-offs from Greek universities. Its primary condition for investment is that the company must build its R&D or product team within Greece, capitalizing on the country's cost-efficient yet high-quality talent pool. The designated target size is between €200k – €400k per deal.

The Investor

Metavallon VC is a leading Greek venture capital firm specializing in early-stage technology investments. Since its inception in 2018, the firm has managed over €70 million in assets and invested in an array of startups. It has a strong track record of exits, including the sales of Think Silicon to Applied Materials, Seervision to Q-SYS, and Purposeful to PharOS.