EOS Hellenic Renaissance Fund (EHRF) invests in Eurocatering S.A.
EHRF, managed by EOS Capital Partners (EOS), announces its fifth investment of € 7m in Eurocatering S.A., a leading SME food company in Greece.

About Eurocatering S.A.

Eurocatering S.A. was founded in 2000 and is active in the processing and trading of fresh fruits and vegetables, employing c. 240 employees (FTEs) and distributing its standardized products at more than 1,200 locations in Greece, through its own fleet of 65 cutting edge refrigerated lorries.

The Company’s activity is the selection, processing and distribution of fresh fruits and vegetables and mainly fresh cut salads. Eurocatering is the market leader in the Greek fresh cut salad market selling its products mainly under its very strong brand name of “Freskoulis” combined with PL products through Super Markets, HO.RE.CA. & Small Retail.

All Company’s products are produced according to the Integrated Agricultural Management System and the implementation of the Food Quality and Safety Management System, certified by TUV HELLAS against EN ISO 9001: 2008 and EN ISO 22000: 2005 according to HACCP (CODEX ALIMENTARIUS).

The Company is active in a market that has enjoyed high growth rates within the last years, with great growth prospects on the back of international health trends. As an example, Italy, a neighbor country with similar consumption habits to Greece, has a fresh fruits & vegetables market which is 3.5x – 4.0x larger than the Greek market (on a like-for-like basis). The Greek fresh-cut salad market is in constant growth, with growth rates of more than 10% p.a. during the last years, while the growth trend is anticipated to continue in the future.

During the period FY14-FY19 Eurocatering has achieved significant growth rates both in sales and EBITDA, recording a +15% and +14% CAGR respectively, while the Company achieved to increase its FY20 sales at € 38.7m (+8.1% vs. €35.8m in FY19) reaching an EBITDA of more than € 3.1m despite the unprecedent circumstances in the market due to the outbreak of Covid-19 pandemic. From a brand awareness point of view, “Freskoulis” brand continued to deliver very strong results in FY20 reaching sales of €14.6m, (+33.4% vs. €11.0m in FY19).

EHRF’s funds will be used to support the company’s heavy front-loaded investment plan including the development of a new production facility in Greece and upgrade of mechanical equipment, while a portion of EHRF’s funds will be also used to support the Company’s further expansion in the Balkans, as Eurocatering already has presence in Bulgaria through its wholly owned subsidiary MC Fresh.

About EOS

EOS is the external Alternative Investment Fund Manager of EHRF, a private equity fund with approx. € 150m in AUM, focusing on growth capital investments in Greek SMEs across all sectors. The key cornerstone for the creation of EHRF, was its participation in the Equifund Fund of Funds program. EquiFund investment platform is an initiative created by cooperation between the Hellenic Republic and EIF. It is financed by the Greek ESIF Fund of Funds TAESYM under the European Union / European Regional Development Fund / Operational Programme EPANEK, the EIF and private investors, with the objective to facilitate access to finance, mainly to SMEs, by developing the Venture Capital/Private Equity (“VC/PE”) in Greece in cooperation with selected Financial Intermediaries.

EOS investment strategy focuses on SMEs with a healthy financial position and a solid value proposition looking for capital to achieve their growth potential either organically or inorganically through mergers and acquisitions.

EquiFund investment platform is an initiative created by cooperation between the Hellenic Republic and EIF. It is financed by the Greek ESIF Fund of Funds TAESYM under the European Union / European Regional Development Fund / Operational Programme EPANEK, the EIF and private investors, with the objective to facilitate access to finance, mainly to SMEs, by developing the Venture Capital/Private Equity (“VC/PE”) in Greece in cooperation with selected Financial Intermediaries.