IDEAL HOLDINGS
BARBA STATHIS INVESTMENT
JANUARY 2025
A. The Transaction
I. Transaction at a glance
Perimeter & Group structure post Transaction
-
On the 23rd of January 2025, IDEAL Holdings S.A.
("IDEAL") announced it has entered into an agreement with Vivartia, through its subsidiary
Frozen Holdings SA ("Frozen") regarding the
acquisition of 100% of Barba Stathis ("BBS") shares
for an Equity ticket of €130m.
- Purchase Price calculated on LTM June 2024 Financials:
- Revenues €120.7m
- EBITDA €14.0m
- Net Debt €36.0m (incl. Q1 2025E CF)
- EV €166.0m.
- Closing is expected in Q2 2025, following all required regulatory approvals.
100% | |
90% | 100% |
Uncle Statis EOOD | |
Transaction Perimeter | |
Investment Presentation | 3 |
II. Transaction Summary
Investment
in BBS
BBS
Overview
BBS
&
IDH
- IDH to acquire 100% of Barba Stathis SA for a total Equity consideration of € 130m;
- The transaction will be funded by IDH available consolidated cash which stands at c. €185m;
- IDH will review the option to finance c. 30% with Bank Debt;
- No rights issue is contemplated for the acquisition.
- Market leader - Strong brand equity
- Stable business with steady CFs
- Strong Balance Sheet
- Long-lastingrelations with producers and super-market chains
- Defensive sector
- Biggest player in its sector
- Attractive financials
- Management with proven track record
- Revenue stream diversification
- M&A Consolidator
- Organic growth via CAPEX
- Product suite expansion
Investment Presentation | 4 |
B. BBS - The Company
III. Business Overview
- Barba Stathis is the leading producer of frozen vegetables in Greece, with one of the most established brand names in the retail domestic food sector.
- Barba Stathis is also key player in the domestic market of ready-to-eatmeals and fresh salads, steamed vegetables (through its subsidiary Halvatzis) and plant-basedmeals.
- The Company's main production unit is in Thessaloniki, and its storage units are in Thessaloniki, Larissa and Athens.
- The company emphasizes sustainable agricultural practices and maintains long term relationships with local farmers to ensure availability of raw materials and high product standards.
Key Figures
1969 Year of establishment
220 SKUs
11,000 Points of Sale
664 Employees
>20 Exporting Countries
1,435 Active Suppliers
~1,000 Farmers
~3,000 Ha of Greek Land cultivated
17 Awards in 2023
Production & Distribution Facilities |
B A |
C |
D |
A. Barba Stathis Production Facility (Sindos) |
B. Halvatzis production & distribution |
facility (Skydra) |
C. Distribution Center (Larissa) |
D. Distribution Center (Athens) |
Investment Presentation
6 |
IV. Operating Model
PRIMARY SECTOR | INDUSTRIAL | LOGISTICS | SALES |
(WAREHOUSE) |
• | 1,000 | Farmers | • | 3 Prod. Plants | • | 4 Logistics Centers | • | 95 Sales Force |
• | 3,000 | Ha | • | >60K tns Capacity | • | 32K Pallet Positions | • | 11K POS/TPS |
Investment Presentation | 7 |
V. BBS Products Portfolio Overview
Mono VEGS | Mixed VEGS | Organic VEGS | Potatoes | Fresh Salads |
(25 SKUs) | (7 SKUs) | (8 SKUs) | (8 SKUs) | (11 SKUs) |
Value
Share
YTD
48.9% | 47.1% | 98.1% | 15% | 14.1% |
Let's Cook | Rice with VEGS | Pasta with VEGS | Cereals with VEGS | Plant-based meals | Tomato |
(18 SKUs) | (5 SKUs) | (5 SKUs) | (6 SKUs) | (7 SKUs) | (5 SKUs) |
70.6% | 84.6% | 97.4% | 93.6% | 19.3% | 8.5% |
Halvatzis Product Portfolio
Source: Management Information
Investment Presentation | 8 |
VI. BBS Market Presence
Frozen Vegetables¹ Market Share
Super Brand Equity
BBS Branded | ||||
43% | €111m | BBS Private | ||
2023 Total | Label | |||
52% | ||||
Other | ||||
Market | ||||
5%
Mono VEGS Awareness & Conversion rate
Usual | 79 | ||||
Last 3-6 | 88 | ||||
months | |||||
Ever | |||||
96 | |||||
Total | 100 | ||||
Awareness | |||||
Fresh Salads Market Share
Brand Equity
15%
BBS Branded | |||
€56m | BBS Private | ||
18% | Label | ||
2023 Total | Other | ||
Market
67%
New Categories Market Share
New Market
A. Healthy Bowls: Cereals & Pulses with VEGS
BBS Value Share 93.6%
B. Plant-based Meals
BBS Value Share 19.3%
- Frozen vegetables market does not include cereals & plant-based products
Source: Circana Retail data, Management Information
Investment Presentation | 9 |
VII. Awards & Recognitions
17 Awards for 2023
• Kantar Study 2023
• 9th Strongest
Brand among Food
Brands
• 66.5% Penetration with a
frequency at 4.6x/ year
• 6 million consumer reach
points annually
• Circana 2023
• 4th Strongest
Brand among all
FMCG brands
Source: Management Information
Investment Presentation | 10 |
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