Global Capital Investors-backed Aquanova International has sold a 56.49 per cent stake in Athens Exchange-listed Eurodrip to Paine & Partners Capital, representing a rare deal for Greece.
The deal sees US-based private equity firm Paine & Partners, which focuses on food and agribusiness investment, acquiring its stake in Eurodrip for €1.53 per share, representing a 28.5 per cent premium over last Friday's closing market price.
Eurodrip manufactures drip irrigation systems, enabling farmers to realise greater crop yields while also using limited water resources more efficiently. Since receiving backing from Athens-based Global Finance in 2005, the company has doubled its turnover, which now stands at €84m, and multiplied its Ebitda by six times, now posted at €12m.
Eurodrip is active in over 70 countries, with operating facilities in Greece, the US, Turkey, Egypt, Jordan, Peru and Mexico.