(May 11): Blackstone Inc has agreed to acquire a majority stake in Greek online marketplace Skroutz from CVC Capital Partners Plc, expanding its footprint in the Mediterranean country.
Skroutz’s founders will sell a portion of their shareholding but retain a stake and continue to lead the business, with George Chatzigeorgiou remaining chief executive officer, according to a statement reviewed by Bloomberg News. Financial details were not disclosed.
The deal values Skroutz at €635 million (US$746 million) including debt, people familiar with the matter said, asking not to be identified discussing confidential information.
Skroutz has been expanding beyond its home market into Cyprus, Romania and Bulgaria. The e-commerce platform offers more than 12 million products from about 9,000 merchants to around 2.5 million active users. It also operates last-mile logistics, fulfilment services, a licensed fintech offering and a retail media business.
Over the past decade, Greece has been transformed from an economic outcast shunned by investors into a poster child for fiscal prudence, with the country growing faster than the European average.
Blackstone’s other holdings in the country include Hotel Investment Partners, which owns hotels across Greece, and airport operator Fraport Greece, which runs regional airports in locations such as Corfu, Rhodes and Crete.
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CVC, meanwhile, was among the first major private equity firms to venture into the Greek market, where it has backed companies including Hellenic Healthcare Group, insurer Ethniki and electricity firm Public Power Corp.
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