Acquisition flurry in Cyprus – The deals that stand out

There has been a flurry of acquisitions in Cyprus over the past few months, covering a number of economic sectors – including tourism, health, ICT, trade and services.

Below are the 10 most important acquisitions that have taken place over the previous months.

KEAN enters a new era

Perhaps the deal of the year (so far), the acquisition of KEAN – a Cypriot company with a 74-year history – by bbf: was announced in April. bbf:, which acquired 100% of KEAN, said that it planned to expand, improve and invest in the Cypriot company, with respect to its history that is engraved in the Cypriot consumer’s DNA.

Speaking to InBusinessNews at the time, the General Manager of bbf:, Lefteris Konstantinou, said that the company’s philosophy is to combine an historic property with a fresh investment that fully respects its surroundings.

KEAN Soft Drinks Ltd was founded in 1949 by chemist Takis Christodoulou, to produce juices from Cypriot citrus fruits. It currently has a massive portfolio of top quality products and is active in over 40 countries across Europe, the Middle East, Far East, Africa and the USA.

Kean was also the first company in Cyprus to produce juices in TetraPak back in 1981.

Teddy Sagi’s three major acquisitions

He acquired Kape Technologies Plc in $1.6b deal

In May of 2023, news emerged that Israeli and Cypriot business magnate Teddy Sagi’s company Unikmind Holdings Limited had acquired London Stock Exchange listed company Kape Technologies Plc following a public offer, valuing Kape at $1.6b. It was the first public offer to be made on the LSE in 2023 with the aim of privatizing and withdrawing the company from London’s Alternative Investment Market, and one of the biggest public offers of the past few years.

Kape is a leading global ‘privacy-first’ digital security software provider to consumers. Through its range of privacy and security products, Kape focuses on protecting consumers and their personal data as they go about their digital lives.

The acquisition of Prodigit Investments Ltd

Globe Invest Limited, Sagi’s single-family office of Israeli and Cypriot businessman, headquartered in Nicosia, announced the acquisition of Prodigit Investments Ltd, as part of its strategy of expanding into regulated portfolio management services for third party clients.

Sagi acquires Best of the Best Plc - £45.3m public offer

Sagi’s Globe Invest Limited announced a public cash offer to take over Best of the Best plc (BOTB), for £45.3m in June.

The move, which was announced on the London Stock Exchange (LSE), followed the successful completion of Teddy Sagi Group’s public offer for Kape Technologies Plc, valuing Kape at $1.6b.

The public offer for BOTB is expected to be successful given the irrevocable commitment expressed by certain shareholders to support it.

BOTB has been active in the field of skill-based competitions / games since it was founded in 1999, with over 1.8 million customers in the UK. BOTB shares have been listed for trading on London's AIM market since 2006.

Fattal Hotel Group takes over five-star GrandResort

The Fattal Hotel Group became the new owner of the luxury GrandResort hotel in Limassol, after acquiring Hawai Hotels Ltd, which used to own and manage the hotel.

The Fattal Hotel Group is one of Israel’s largest hospitality groups and one of the fastest growing hotel groups in the UK and Europe.

Speaking to CBN, Roni Aloni, Managing Director, Mediterranean Region of Fattal Hotel Group, said The GrandResort will remain operating as is until the end of the season.

Baker Tilly and outgoing member BDO in Bulgaria announce merger

Baker Tilly and outgoing member firm BDO in Bulgaria announced that they are merging and joining forces to establish a leading professional services provider in the Bulgarian market and beyond.

The merger, effective from 1 July 2023, represents a significant milestone for both Baker Tilly in Bulgaria and Baker Tilly South East Europe, which is headquartered in Nicosia.

With offices in Sofia and Blagoevgrad, the newly combined entity will rank as the seventh largest firm in the local market, boasting a team of over 60 professionals.

The new investment by Hellenic Healthcare Group

Hellenic Healthcare Group (HHG) has invested in Cyprus’ healthcare sector by acquiring the Apollonion and Aretaieio private hospitals in Nicosia.

Hellenic Healthcare Holding Single Member S.A., member of HHG, acquired the share capital of Gialletto Ltd through its subsidiary Lemgo Ltd/

Gialletto Ltd is a limited liability company, registered under the laws of the Republic of Cyprus, engaged in the provision of radiology and related services.

C.A.PAPAELLINAS Group enters frozen food market

The C.A. Papaellinas Group entered the frozen food market by acquiring SureFood Ltd. The Competition Commission Service announced in May that a merger notification had been received regarding the acquisition of the share capital of Surefood Ltd by C.A. Papaellinas Ltd.

Their collaboration began in April 2022 and related to the exclusive promotion, sale and distribution of the consumer products of the C.A. PAPAELLINAS Group to the mass catering and hotel sector (HORECA), while recently the Group proceeded with the acquisition agreement of the shareholder capital of SureFood Ltd.

Marine-Fields Holding’s expansion in German

Marine-Fields Holding Ltd announced last March that it had completed the procedure to acquire BM Bergmann Marine GmbH in Hamburg on 27 January 2023. The transaction followed years of close and successful cooperation between the two companies.

Marine-Fields Holding is a member of the Tototheo Maritime group of companies. Under the same umbrella, BM Bergmann Marine and Marine-Fields are expected to offer a comprehensive range of services and products to the shipping industry.

Howden acquires the Cypriot group Niche

Howden Cyprus announced in June that it acquired Niche Insurance Brokers Ltd and Niche Insurance Agents Ltd, broadening its scope of operations and bringing changes to the local brokerage market.

By acquiring the two companies, Howden Cyprus, with its strong market share and a presence in the reinsurance mediation of the financial and insurance sector since 2003, is now making a dynamic entry into direct insurance mediation.