What does the merger of Goody’s, Everest, La Pasteria bring to a company?

Of George Lampiris

Goody’s SA merged into four companies Goody’s, Everest, Pasteria and Evercat (Vivartia Group’s restaurant staff training company).

This is a planned move, which had already been decided by the end of June 2021 by the company.

This move is a consequence of the joint activity of the four companies, whose main object is catering, while at the same time maintaining individual subsidiaries which in turn maintain stores in various parts of Greece.

In essence, Goody’s is going to absorb the other three corporate entities, thus creating a single corporate structure and with the aim of utilizing the assets held by the merging companies.

Strengthening the position of the new entity in the market

The size of the new company that will emerge will enable it to strengthen its presence in the market, while gaining bargaining power and the ability to achieve better terms of cooperation in the field of catering.

An important parameter is the reduction of operating costs that will occur, as well as the most efficient structure at the level of executives and staff in this direction with the ultimate goal of creating economies of scale.

Goody’s share capital at 6.5 million euros

Following the merger, Goody’s share capital will rise from 3.5 million shares to 6.5 million shares from the Everest acquisition as 3 million new shares will be issued with a value of 1 euro each. We remind you that Everest holds all (100%) of the shares of both Pasteria and Evercat.

According to PwC’s estimate report on the substantially absorbed Everest (a subgroup of Vivartia Holdings to which Pasteria and Evercat belong), as of June 30, 2021, its total assets were € 172 million, total equity of € 133.5 million, total long-term liabilities of € 33 million and total short-term liabilities of € 5.48 million.

Long-term borrowing includes loans to subsidiaries Olumpus Plaza (€ 1.62 million), bond loan Plaza SA (€ 311.37 million) and Olympic Catering bond loan (€ 1.5 million).

In terms of the overall results of the company on June 30 this year, they were loss-making by 617 thousand euros.