The Company is a manufacturer of professional catering and galley heavy duty equipment for ships, hotels, restaurants, and hospitals. It is active within the professional catering and heavy equipment market for more than 80 years now. As a family owned business, the core management team is strongly committed in the business since inception.
The main activities of the Company cover the local land market and the global marine sector. The land market represented more than 45% of its total revenues until 2010, while the Greek market represented c. 70% of total revenues in 2010.
Given the current economic situation in Greece and the Eurozone, the management of the Company decided to focus its strategy on the international marine sector and started with the growing Asian markets (i.e. China, Korea and Taiwan). Consequently, the Greek segment went down to c. 27% of total revenues in 2012.
Moreover, the European market presents growth potential for the Company, where in the last 2 years it managed to win a great deal of projects.
The Company has also targeted the U.S. market and specifically refurbishment of cruise ships, with the commencement of its first projects in the specific market expected to take place early in 2013.
The Company currently estimates a pipeline of 156 projects with a total value of € 7.5mn.
International markets expansion (undertaken mainly after 2010) has gradually led to the re-profiling of the Company’s source of revenue.
Product Portfolio & Key Activities:
The Company can deliver a fully functional catering solution to the end-customer through standard product lines, as well as special tailor-made solutions. The Company’s product portfolio consists of over 9,000 codes, covering all catering equipment solutions:
- Preparation Equipment;
- Cooking Equipment;
- Food Serving Equipment;
- Dish Washing Equipment;
- Bar & Pantry Equipment;
- Refrigeration & Laundry Equipment;
- Self Service & Stainless Steel Furniture.
The Company’s business segments include: the land segment (hotels, restaurants, army, hospitals, etc.); and the marine segment (shipyards & ship-owners). During the last couple of years, the Company started focusing intensively on international markets, with revenues originated abroad (mainly Asia & Europe) reaching 73% of total revenues in 2012.
Financials:
Revenues (in Euros)
- 2009 4.9mn
- 2010 2.7mn
- 2011 2.5mn
- 2012 2.2mn
EBITDA (in Euros)
- 2009 0.24mn
- 2010 -0.7mn
- 2011 -0.6mn
- 2012 -0.6mn
Clients:
With over 80 years of presence in the Greek market, the Company has been established as a high-quality producer and preferred provider for top tier international clients. The Company’s clientele, especially in the marine business segment, is comprised of top international companies.
Transaction:
The proposed Transaction is a turnaround scenario for a distressed opportunity where EUR 4mn will be invested in the Company (€2.5mn for the required restructuring and profitability enhancement and € 1.5mn for growth purposes).
Further details may be disclosed after signing an NDA.