05. 19. 2021 | IDEAL Holdings, Investors' News, Announcements

IDEAL HOLDINGS expands its portfolio and enters new business activities

Ideal Group

IDEAL HOLDINGS expands its portfolio and enters new business activities                   

  • IDEAL HOLDINGS evolves its business model and expands into new sectors of activity
  • Strategic agreement with Virtus International Partners for the integration of the two dynamically growing companies Astir Vitogiannis and Three Cents through an increase in the share capital of IDEAL HOLDINGS

Athens, May 14, 2021 – IDEAL HOLDINGS, a recognized Holding Group in the Greek market, whose subsidiaries specialize in the distribution of white household appliances, IT products and digital security, in the production of software and in the provision of trust services and cybersecurity solutions, has decided to expand its business activities, evolving its business model.

For the implementation of its strategic development plan and the expansion of its portfolio of holdings, IDEAL HOLDINGS proceeds through a Share Capital Increase to the integration of Astir Vitogiannis and Three Cents in the portfolio of IDEAL HOLDINGS – both investments of the Virtus South European Fund (VSEF), the investment vehicle managed by Virtus International Partners (Virtus).

Specifically, the Board of Directors of IDEAL HOLDINGS decided to propose the contribution of the total (100%) of the shares of the companies S.I.C.C. Holding Limited (SICC) and ESM Effervescent Sodas Management Limited (ESM), thus fully integrating the companies Astir Vitogiannis and Three Cents into IDEAL HOLDINGS. . It is noted that SICC's shares are 51% owned by the investment fund Virtus South European Fund (VSEF) and by 49% to Mr. Stelios Vytogiannis. ESM shares are 100% owned by VSEF.

The increase of the share capital through the contribution of all the shares of the above companies will result in 23,176,792 new ordinary registered voting shares. Specifically:

  • For the contribution of SICC's shares, 16,609,651 new shares of IDEAL HOLDINGS, with a nominal value of €0.40 and with a subscription price of €2.42 each and a total value of €40,195,355.42, will be made available to its existing shareholders.
  • For the contribution of the shares of ESM, 6,567,141 new shares of IDEAL HOLDINGS, with a nominal value of €0.40 and with a subscription price of €2.42 each, and with a total value of €15,892,481.22, will be made available to its sole shareholder.

Upon completion of the procedure, the share capital of IDEAL HOLDINGS will now amount to €12,590,103.60 and will be divided into 31,475,259.00 common registered voting shares, with a nominal value of €0.40 each. VSEF is expected to hold approximately 47.78% of the share capital and voting rights of IDEAL HOLDINGS, as a result of which it is obliged to submit a public offer for all the Group's shares under the current legislation.

Through the aforementioned transaction, IDEAL HOLDINGS fully integrates astir Vitogiannis and Three Cents, grows and expands into the dynamic sectors of consumer goods packaging and the production of premium mixers & tonicsThe existing shareholders and the management of these companies as well as the managements of the existing subsidiaries of IDEAL, which have a successful past and results, continue the management of these companies unhindered, while contributing to the further increase of the value of the overall venture. At the same time, the investment and management team of Virtus is added, which so far has had the supervision of the development of the two companies.

The Management of IDEAL HOLDINGS deemed it necessary to seek business opportunities for the expansion and expansion of its activities, following the recovery recorded in the results during the year 2020 and with the aim of ensuring the long-term growth of IDEAL HOLDINGS.

The CEO of IDEAL HOLDINGS, Mr. Panagiotis Vassiliadis, stated: "We welcome this very positive development which we expect to bring significant benefits to our Group, expanding our portfolio and contributing to our effort for further growth, both in the field of Information Technology where IDEAL HOLDINGS has already been active in recent years, as well as in the new markets in which we enter. In this way, a significant Group is created with expanded activities and prospects with the aim of creating value for shareholders and all parties involved in general."

The Managing Partner of Virtus International Partners Mr. Lambros Papakonstantinou stated: "This is a dynamic deal with a strong growth dimension that sets new conditions for rapid growth and expansion of ideal holdings' field of activity. Our first cycle of investment in dynamic companies with growth prospects is completed with the integration of Astir-Vitogiannis and Three Cents into IDEAL HOLDINGS, the realization of capital gains for our investors and the expected continuation of their successful course. , we believe and aim to empower and develop all participating companies but also to attract new investments. The Greek economy is entering a strong recovery phase and our goal is to help and participate with all our might. We thank our founding investors, VNKCAPITAL, Olympia Group, Piraeus Bank and Eurobank for their support in our new venture."

Eurobank S.A. coordinates this Transaction. For IDEAL HOLDINGS, the law firm 'KYRIAKIDIS GEORGOPOULOS' acts as legal advisor. and for Virtus the law firm 'SOURIADAKIS TSIBRIS'

Note: The above are subject to the approval of the General Assembly of IDEAL HOLDINGS and the completion of the procedures and approvals required by law.

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