Unrealised


ASTIR Vitogiannis A.E.

ASTIR Vitogiannis A.E.

ASTIR, with facilities in Greece and Canada, is an export-oriented market leading crown cork manufacturer with highly attractive characteristics:

  • Well-established sales and distribution network with sales to over 40 countries, in all continents
  • Exports 90% of its production
  • Global and 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 adaptable production process with state-of-the-art modern equipment

ASTIR, under VIP ownership was transformed from a family business to a company with proper corporate governance. Management, supported by the VIP team, completed several initiatives including the introduction of monthly financial reporting; the implementation of a monthly and quarterly budget with specific targets; the optimization of the company’s capital structure; the opening to new markets and the identification of M&A targets.

In September 2017, VSEF acquired a 51% stake in ASTIR-Vitogiannis S.A. from Vitogiannis family members.

Attica Department Stores A.E.

Attica Department Stores A.E.

Attica is the largest and more upscale department stores operator in Greece, with presence in Athens and Thessaloniki. The Company operates 55,000 sq.m with its flagship store of 27,500 sq.m. in the centre of Athens (Syndagma Square) and a second at the prestigious Golden Hall in the northern suburb. Attica operates 2 stores in Thessaloniki, Northern Greece, with a total of 13,500 sq.m.

Investment Thesis

Expand locations: Attica will expand its existing location at its flagship store to add new brands for upscale customers and tourists travelling to Athens.
On-line business: The Company will increase its fast-growing on-line cosmetic business and will invest more rapidly to its fashion e-shop market, to capitalise on its brand power, to increase existing customer spending and add new customers in untapped geographies.
Wholesale business: Attica will benefit from the change in the Greek wholesale market and will add a selective brand portfolio in a market under consolidation.
New Businesses: Attica has already identified specific business opportunities arising from the projected completion of the Hellinikon project in the southern suburbs of Athens.

In November 2019, a vehicle managed by VIP agreed to acquire a majority stake in Attica Department Stores through a recapitalization transaction.

3c

3c

Three cents (3c) is a premium spirits producer, focusing on the premium mixers market, which is one of the fastest growing segments of the F&B sector.

The company was established in 2015 and has launched several products, with the Pink Grapefruit Soda being most successful product. 3c produces various flavours of tonic water, fruit flavoured sodas and ginger beer.

Investment Thesis

Growing market: The Adult Beverages is a fast-growing market with solid consumer characteristics and absence of a big player.
International expansion: 3c is not a Greek product and can be bottled and exported in more than one country. The brand increases its awareness and the company already exports in several European countries.
M&A: The size of the companies operating in this specific market creates opportunities for mergers and acquisitions both for buyers and sellers.

In January 2020, VSEF acquired a 51% stake at Effervescent Sodas Management ltd, which is the parent company of 3c.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Accept