IDEAL HOLDINGS approves the Share Capital Increase with a total disposal value of EUR 56.1 million and proceeds to its expansion with new business activities
Athens, June 17, 2021 – The postponed General Meeting of the shareholders of IDEAL HOLDINGS was held today, which approved the Share Capital Increase of IDEAL HOLDINGS, thus activating the implementation of its expansion plan and the plan for the integration of Astir Vitogiannis and Three Cents into the portfolio of IDEAL HOLDINGS – both investments of the Virtus South European Fund (VSEF), the investment vehicle managed by Virtus International Partners (Virtus).
It is recalled that 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, after the completion of the transaction. 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.
Through the aforementioned transaction, IDEAL HOLDINGS will fully integrate the companies Astir Vitogiannis and Three Cents, increasing its footprint and expanding its activity, in addition to IT, to the dynamic sectors of consumer goods packaging and the production and distribution of premium mixers & tonics.
The CEO of IDEAL HOLDINGS, Mr. Panagiotis Vassiliadis, referring to the decision of the General Assembly, stated: "We are very pleased, because with today's decision of our shareholders we continue unwaveringly the implementation of the strategic development plan of IDEAL HOLDINGS, proceeding to the expansion of our business activities and the completion of our goal to create a dynamic Group of holdings, ensuring long-term growth and evolution."
The CEO of Astir Vitogiannis Mr. Stelios Vytogiannis stated: "We are happy with this development and our participation in a dynamically growing investment group. The new scheme creates new foundations, new prospects for the further strengthening and development of our companies".
Mr. Lambros Papakonstantinou, Managing Partner of Virtus, stated: "We are pleased that the first step was taken to complete a pioneering transaction and to create the new IDEAL".
