OHA invests up to €115m in IDEAL Holdings and supports its growth plans
with the right to invest up to an additional €200m
Athens, 5 March 2025 - IDEAL Holdings ("Company", RIC: IDEr.AT, Bloomberg: INTEK GA) and Oak Hill Advisors (UK) LLP ("OHA") signed on 4 March an agreement for OHA to form a partnership with and invest in IDEAL Holdings' subsidiaries (the "Transaction"). OHA is a UK regulated entity, part of the global investment firm, Oak Hill Advisors, which has approximately US$ 88 billion of assets under management1.
Under the agreement, IDEAL Holdings will create a corporate vehicle ("CV") which will hold 100% of IDEAL Holdings investments and more specifically: (i) attica Department Stores, (ii) Byte, Adacom, Bluestream ("ICT"), (iii) Barba Stathis (upon completion of the acquisition). The CV will have an equity value of €410m and OHA will acquire 15% for a cash contribution of ca. €62m, while additionally OHA has the option to acquire within six months, by further investing in the CV, an additional 10% for a cash consideration of ca. €41m.
Following the conclusion of its investment in the CV, OHA intends also to invest in IDEAL Holdings, acquiring up to 4% of the share capital, subject to availability of IDEAL Holdings' offered shares. OHA, through the CV, will also have the right to co-invest with IDEAL Holdings, as a minority investor, an additional €200m over the next 2 years, to support its growth plans. As it derives from the components of the pertained transactions, no change of control will occur in IDEAL Holdings, as a result of implementing the agreement with OHA. Completion of the transaction is expected in H2 2025 and is subject to customary closing conditions and approvals.
Commenting on the Transaction, Mr. Lampros Papakonstantinou, Executive Chairman of the Board of Directors of IDEAL Holdings, stated: "We are very proud to partner with a reputable financial investor with the magnitude of OHA. The fact that a sophisticated institutional investor values our holdings, for a minority stake, at € 410 mil proves the credibility of our investment strategy and reflects the embedded value of our company. We will work closely with our partner to return value to all our stakeholders".
"We are very excited to partner with Lampros, the IDEAL Holdings management team and the executive teams of attica, ICT and Barba Stathis. The IDEAL team has demonstrated an exceptional ability to identify unique, proprietary investment opportunities, enhancing value and delivering strong returns to their stakeholders. The Greek corporate sector offers attractive, untapped prospects supported by a favorable macroeconomic backdrop. We are looking forward to working with IDEAL to continue the growth trajectory of its existing investments and expand the portfolio." Alexis Atteslis, Co-Headof Europe and Partner, OHA stated.
AXIA Ventures Group ("AXIA") acted as exclusive Financial Advisor to IDEAL Holdings for the transaction, Reed Smith, SARANTITIS Law Firm and L. Papaphilippou & Co LLC acted as legal advisors. Paul Weiss, NautaDutilh, Papapolitis & Papapolitis and Antis Triantafylides & Sons LLC acted as legal advisors to OHA. PwC providedtax advice to the CV.
Information to the email ir@idealholdings.gr, for the attention of:
Mrs. Katerina Psifi tel. 210 5193977 & Mrs. Lydia Pistiola tel. 215 2159610
1 Estimated as of December 2024
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About IDEAL Holdings:
IDEAL Holdings is a listed holding company with a diversified investment portfolio. Following a disciplined business approach it invests in companies with sustainable growth prospects and expansive orientation, by providing expertise and new business and financing opportunities that add value and accelerate the growth of its holdings. IDEAL Holdings' Investments are: (i) BYTE S.A. (100%), a provider of integrated IT and communications solutions, software application development and Trust services provider, (ii) ADACOM (100%), provider of Trust services and cybersecurity solutions and services through a Cyber Security Incident Monitoring & Prevention Centre, (iii) IDEAL Technology (100%), technology product distribution company, software development and IT solutions in the niche market of Enterprise Output Management, (iv) BLUESTREAM SOLUTIONS (75%) provider of infrastructure services and cloud migration, data availability, and outsourcing services, (v) attica Department Stores (100%) operates department stores in Athens and Thessaloniki.
About OHA:
Oak Hill Advisors (OHA) is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm manages approximately $88 billion of assets across credit strategies, including private credit, high yield bonds, leveraged loans, private capital solutions and collateralized loan obligations. OHA's emphasis on long-term partnerships with companies, sponsors and other partners allows for the provision of customized credit solutions across market cycles. With over 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ - GS: TROW).
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