Of Costa Ketsietzis
The SMERemediumCap (SMERC) investment fund, which has raised € 143 million from institutional and private investors, will make new investments of € 40 million within the next quarter.
According to SMERC Executive Chairman Nikos Karamouzis, during an online press conference for the acquisition of the Facility Management company, Engie Hellas, which was renamed Cordia, the fund is close to new agreements in sectors such as marketing and exports. food (rice and legumes), hotels, security, veterinary products.
The acquisition of Cordia is the second investment of SMERemediumCap (SMERC). It was preceded by the acquisition of the company Krop based in Arta, which is active in the production and export of fruit.
“So far we have invested 10 million euros and within the next quarter we are expected to invest another 40 million euros,” said Mr. Karamouzis, emphasizing that the fund wants to proceed with targeted acquisitions of medium-sized Greek companies with a turnover of 10 to 80 million. euros that need a strategic investment to grow, as competition in the coming period is going to intensify.
The SMERC strategy also includes taking advantage of opportunities from companies that have problems with their lending, but have growth prospects and for this reason the fund is in discussions with management companies (servicers).
“The market has not proceeded with the consolidation of companies, the non-performing exposures of Greek companies remain at high levels, they have just changed hands, we have 140 million euros that we want to invest to bring businesses back to the Greek economy,” he said. Mr. Karamouzis.
The goal is to create “champions”
The main goal of SMERC is to increase the size of the companies it acquires in order to strengthen their position in the markets in which they operate and the greater integration in their sectors.
Mr. Karamouzis specifically referred to Cordia, which he said operates in a fragmented market of 1.3 billion euros, in which the largest “player” has an annual turnover of 45 million euros.
For this reason, the development of the company is planned, both organically and with acquisitions of other companies, with Mr. Karamouzis stating that the fund will invest other funds in the Facility Management sector.
According to Thodoris Moschos, Managing Partner of SMERemediumCap, the Facility Management industry has strong growth prospects. The real estate management market in Greece is estimated at 1.3 billion euros, of which 70% is outsource, while the maturation of the market is expected to double its size.
Cordia President George Daniolos and CEO Stelios Kouratolos stressed that the company’s goal, after SMERC’s investment, is to create the largest and highest quality provider in the Facility Management industry, which will offer a complete range of services to customers, covering their evolving needs (one-stop-shop).
In fact, it expands its services in the energy sector through services such as energy saving projects, the installation of photovoltaics on roofs, electrification solutions.
Read also:
– SMERemediumCap acquires control of ENGIE Hellas renamed CORDIA
– N. Karamouzis wants to make the national champion in fruit
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Source From: Capital
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