ELGEKA preferred investor for ‘Dodoni Ice Cream’

By Giorgos Lampiris

The signing of the final agreement between ELGEKA and Piraeus Bank, which will concern the acquisition of the “Dodoni Ice Cream” company, is considered a matter of time.

A tender process was preceded, the responsibility of which was Grant Thornton and in which “Venetis”, “Kri-Kri” and ELGEKA participated as interested parties.

The company, based on the latest financial results it had published for 2020, had accumulated losses of 30 million euros, negative equity of 21.25 million euros and total borrowings of 36.12 million euros.

Among the outstanding issues regarding the completion of the agreement is the amount of the cancellation of the loan, which is burdened by the company.

It is noted that before the tender process began, “Dodoni Ice Cream” had been acquired by NBGI, the international investment arm of the National Bank in the European market.

Then in 2016 NBGI Private Equity was sold by National Bank to Goldman Sachs and Deutsche Bank. In fact, at that time its network counted 72 “Dodoni” stores through franchises, more than 100 smaller points, while it also had a very wide presence in the field of catering and hotels.

Accordingly, at the end of 2020, the network of “Dodoni” franchise stores now numbered 56 points and 109 smaller points-“corners”.

Finally, it should be noted that from time to time several businessmen and companies were interested in its acquisition, including Theodoros Fessas, Vlasis Georgatos of the “Grigoris” company, as well as GIOTIS.

However, all the above movements of interest had not found suitable ground.

According to the information, the other two participants in the process, namely Kri-Kri and “Venetis”, have for now been informed orally of its outcome, which is expected to happen in writing after the formal completion of the agreement.