By George Lampiris
According to sources close to the IOGR group, the businessman, Giannis Grylou,’s decision to sell all the shares of Terra Creta, a company based in Chania, which has been showing remarkable activity in recent years, marks his commitment to traditional family activities. export but productive, creating a product with added value in the production of extra virgin olive oil.
According to the same sources, the company in 2021 will close with a turnover at the level of 19 million euros, moving to similar levels to those of 2020, when it recorded a turnover of 19.08 million euros.
The businessman’s goal is to continue and strengthen his activity in tourism, the first step taken by his father, Nikos, in the 1970s, to then create the IOGR group, which owns the Sky Express airline as well as the companies ground handling, Swissport and Skyserv.
Discussions between the two sides lasted for six months
According to the same sources, the discussions of Giannis Grylos with Alexandros Kikizas, CEO of the company, Melissa Kikizas, lasted for the last six months and were held in extreme secrecy. Alexandros Kikiza’s intention has long been to expand his business, given the interest he had shown in acquiring Pummaro from Elais – Unilever, which eventually ended up in Minerva. We will also remind that the Thessalian businessman had shown interest in the sale of Minerva in 2019, which ended up in Deca Investments.
In fact, the main concern of G. Grylos was the company to end up in the hands of an established and methodical businessman, hence the agreement with a person like A. Kikizas, since he did not want the company to fall into the hands of an equity fund , wanting the company to be taken over by someone who will set a long-term investment and development horizon.
The founder of Terra Creta was the former bank executive, Manolis Anagnostakis in 2000, with the vision to create a special and quality packaged olive oil. However, in the midst of the financial crisis and given the opening he had made, investing in the creation of a modern factory, were events that worked aggravatingly for the company. The company was capitalized by the Grylos family in 2012, taking over the reins of the business at a time when it had a turnover of around 5 million euros and liabilities of over 6 million euros.
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Source From: Capital
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