SI Foods accepts a partnership with CVC Capital Partners
SI Foods Ltd, the majority shareholder of Dodoni SA (“Dodoni”) and CVC Capital Partners VII (“CVC Fund VII”) have accepted the joint ownership of SI Foods Holding Ltd (“SIF”) in which CVC Fund VII will hold an interest majority.
The current owners of SI Foods will remain active shareholders and will continue to manage Dodoni, its subsidiaries and operations. The partnership will build on SIF and Dodoni as a platform to increase the presence, particularly in specialty cheeses and related sectors, through investments and possibly acquisitions in Greece and abroad. .
In 2012, Dodoni, the main Greek dairy brand and the best-selling Greek brand of Feta PDO, was privatized by the Greek state and sold to SI Foods Ltd, a group of private investors, including Lime Capital partners. Partners Ltd. Since its privatization, subsequent owners have significantly restructured Dodoni by investing in its production facilities, organization, sales and marketing. As a result, Dodoni’s revenue nearly doubled, with around 50% being generated from exports. Since 2012, Dodoni has strongly supported the primary economy, increasing the number of permanent employees from 270 to more than 600 in Greece and having paid more than 0.5 billion euros to its farmers.
CVC Capital Partners (“CVC”) is a leading private equity and investment advisory firm with a network of 23 offices in Europe, Asia and the United States. The funds managed or advised by CVC (“CVC Funds”) are invested in more than 90 companies around the world, employing more than 450,000 people.
CVC Funds is also one of the most active investors in Greece with a dedicated team in Athens which has invested or committed over € 1 billion in equity since 2017, notably in Hellenic Healthcare Group, e-Travel, Skroutz , D-Marin and Vivartia, as well as recently accepting the acquisition of Ethniki Insurance.
Tom Seepers, CEO of Dodoni said: “We are proud to enter into this exciting partnership with CVC which allows us to take the next step in our long term strategy of transforming Dodoni. Dodoni’s current shareholders and management remain committed to their long-term strategy of growing the company and ensuring stability and security for its suppliers and employees. With CVC, we have obtained a strong partner focused on creating sustainable value, which shares our ESG objective and can enable us to accelerate the future development of Dodoni.
SI Foods is advised by KBVL, Ionian Capital and Eveda Capital.