September 13 (SeeNews) - Greek dairy products maker Delta Foods said that it has agreed to divest 100% of the shares in its Bulgarian subsidiary United Milk Co to Tyrbul, a wholly-owned subsidiary of Hellenic Dairies.
Delta Foods did not disclose the value of the transaction in a statement published earlier this month. The seller is part of Greek Vivartia Group, which is owned by Luxembourg-headquartered private equity firm CVC Capital Partners.
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The deal, which was inked in August, is subject to clearance from Bulgaria's Commission on Protection of Competition (CPC).
It is expected to close by the end of 2022, according to a separate statement by a deal advisor to Delta Foods.
Plovdiv-based United Milk, which employs 500 staff, booked earnings before interest, taxes, depreciation and amortisation (EBITDA) of 5.15 million euro ($5.23 million ) on turnover of 52.5 million euro in 2021, according to the vendor's statement. It makes fresh milk, UHT milk and cheese products, and owns the dairy brands Vereia and Fibella.
Tyrbul, whose Bulgarian unit is based in Sliven, produces and distributes dairy products under the Olympus brand.
CVC Capital Partners agreed to acquire Greek investment company Marfin Investment Group Holdings' 92.08% stake in Vivartia in late 2020, at a valuation of 175 million euro for the entire business.
($ = 0.9857 euro)