M&A Activity • Nov 20, 2017
M&A Activity
Open in ViewerOpens in native device viewer
Cyprus Trading Corporation Plc (CTC) announces that its 100% subsidiary Argosy Trading Company Ltd has agreed with Chrikar Trading Co Ltd to acquire all of Chrikar's operating activities, an agreement that has been approved by the Commission for the Protection of Competition.
The acquisition of Chrikar's operations by Argosy, is in the context of CTC's strategy of expanding its operations in the sectors it operates through mergers and acquisitions.
Argosy operates in the Fast Moving Consumer Goods (FMCGs) sector, with a leading position in Distribution and Logistics, servicing retail companies and outlets. Chrikar operates as a provider of foodstuff mainly in the HORECA (Hotels, Restaurants, Cafeterias) sector and is considered one of the most important companies in the field.
The HORECA sector has significant growth prospects both due to the tourist development in our island and the increased consumer habits for eating out-of-home.
The annual turnover of the acquired activities amounts to $€14,000,000$ . The purchase price of the activities will be determined on the day of completion when the amount of stocks, debtors and creditors of the acquired activity is determined. With the acquisition of Chrikar's business, Argosy is expected to further develop its network and market presence, enrich the range of products offered and the synergies expected to be achieved will improve its operating results.
The agreement will be completed with the transfer of activities that is expected at the end of December 2017.
Nicosia, 20 November 2017
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.