The procedures for the sale of Minerva SA Edible Oils and Food Enterprises have begun and are expected to be concluded in the last quarter of the year.
According to “Naftemporiki” sources, the plans are in progress and the new mandate to a financial advisor to conduct negotiations through an international tender is expected very soon, with the aim of attracting at least ten interested investors, domestic and non-domestic.
Based on the schedule, the procedures are about to be completed by October-November, given also the fact that by the end of 2024, Diorama Investments SICAR S.A., which owns 68% of Minerva’s shares, must be liquidated by statute.
It is recalled that in 2019 Diorama Investments, together with the private equity funds EOS Capital Partners and Elikonos Capital, acquired Minerva from PZ Cussons Plc for approximately 45 million euros.
Minerva’s consolidated turnover amounted to 68.6 million euros, with exports accounting for 10.3 million euros. EBITDA reached 7.8 million euros, while the net profits of the group totaled 852 thousand euros. Minerva’s production potential extends from Schimatari Boeotia, where the central production unit is located, to Ioannina and the cheese production unit, Andravida, Ilia, with the milk collection station and the tomato production unit in Gastouni Ilia.
