ASTIR Vitogiannis A.E.

Business Overview

ASTIR, with facilities at Oinofita Greece, is an export-oriented major crown cork manufacturer with highly attractive characteristics:

  • Well-established sales and distribution network exporting to over 40 countries across all continents
  • Well-diversified sales mix across multiple geographies & clients, with a strong European foothold and international reach
  • Experienced management team with a proven track record
  • Fully integrated, automated, and flexible production process with state-of-the-art equipment
  • Exports comprise 90% of its revenues
  • Healthy balance sheet, strong cash flows, sustainable profitability

Investment Thesis

  • Growth opportunities in multiple markets via M&A and organic growth
  • Increase the presence and the market share in the US market
  • Non-optimal capital structure with unutilized debt capacity in a low interest rate environment
  • Strong entry barriers: long standing international dominant customer relationships, quality standards and required accreditation, capital intensity
  • Strong financial position
  • Stable cash flows with high sales visibility due to customer long term sales contracts and low competitive intensity
  • Potential exit multiple expansion, due to the attractive entry valuation and the macro conditions
  • Pursue specific organic growth routes and acquisitions

Value Creation

Strategic

Focus on initiatives to pursue specific growth routes and M&A targets

Financial - Managerial

Enhance capital allocation practices

Establish KPIs, introduce best practices in financial reporting and budgeting

Align interests by adopting managerial incentive schemes

Corporate governance

Transform the company from a family to a corporate entity by introducing corporate governance best practices

Financial

Optimize capital structure

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