Olive oil companies join forces to export
Investment fund SMERemediumCap of Nikolaos Karamouzis and Inspiring Earth of Konstantinos Antonopoulos are creating an export-minded giant in the Greek olive oil sector via a triple acquisition, with the total investment amounting to 10 million euros. By forming a joint company, which will acquire the majority package of the companies Latzimas SA, Sitia Oils-Lasitia SA and Olympian Green International SA, a new, powerful group in olive oil products is being created.
Through the association of the companies, significant synergies will be formed both in terms of cost formation and in the flexible commercial policy of a wide range of products. The new group has multi-year agreements that ensure access to the highest quality and most important olive oil output of Crete (Rethymno and Sitia) and the Peloponnese.
The main goal of the new group is the expansion of the branded label in the Greek and European markets as well as further development in the markets of North America (US, Canada), South America (Brazil), Asia (Japan) and Oceania, which are the regions with the world’s largest olive oil imports.
The new funds, along with additional bank financing, will support the commercial policy to achieve the strategic goals of the group. These objectives concern its geographical expansion, the development of complementary products and its verticalization with partnerships and investments in the target markets and companies to increase turnover and profitability.
“We are particularly satisfied and optimistic about our entry into a sector in which our country has a stable and significant global presence, as well as about our effort for the financial consolidation of companies with a dynamic perspective with benefits for local economies, workers and the country. Greek olive oil has great scope for growth and needs bigger, stronger and more outgoing companies,” said Karamouzis, president of SMERemediumCap.
Inspiring Earth Chairman and CEO Konstantinos Antonopoulos argued that “with our 10 years of experience in the field of olive oil, we see that in a period of turmoil in global production, this collaboration is the right step for the emergence of a new shape with a leading role, which will be able to respond to the great challenges and opportunities in the international market.”
