Category: Greece

Drakopoulos has advised the Orphee Beinoglou shareholders on their sale of an 80% stake in the company to HIG Capital. Your Legal Partners advised the buyer. AKL reportedly advised Eurobank on financing aspects.

Orphee Beinoglou is a freight forwarder and logistics provider in Greece, with subsidiaries in the Balkans and the Eastern Mediterranean region. HIG Capital is an alternative asset investment company.

The Drakopoulos team was led by Managing Partner Panagiotis Drakopoulos and Partner Mika Lalaouni and included Associate Eirini Galanou.

The Your Legal Partners team was led by Junior Partner Fotini Mavrikaki and Senior Associate Prokopis Linardos and included Associate Ioanna Kailari.

Drakopoulos has advised UK-based engineering consultancy Ricardo on its EUR 27 million acquisition of a 93% stake in E3-Modelling. Mentis-Filopoulou and Associates reportedly advised the seller.

Ricardo is a British publicly listed company that provides strategic, environmental, and engineering consultancy services focusing on the transport, energy, and global climate agendas.

Athens headquartered E3-Modelling focuses on the research studies of mathematical models in the fields of energy, economy, and environment.

The Drakopoulos team was led by Managing Partner Panagiotis Drakopoulos and included Partner Mika Lalaouni, Of Counsel Alexandros Katsantonis, and Associate Eirini Galanou.

The KLC Law Firm has advised GAP Pharmaceutical Products on transferring its Greek market-approved pharmaceutical licenses to Innovis Pharma.

According to KLC, GAP is a historical Greek pharmaceutical company and an important European producer of soft (gel) capsules.

Innovis Pharma is a pharmaceutical company in Greece with a portfolio of generics and specialty brands, medical devices, and specialized food supplements.

Reed Smith has advised investor and manager Sirec Energy on the final closing of the European Sustainable Investments Fund, a Greek green-energy fund with total commitments of EUR 70 million.

Sirec Energy is a private equity firm focusing on energy efficiency, circular economy, and energy production from renewable sources. “Sirec Energy is the manager of EuSIF and, at the same time, participates with a considerable amount of its own capital in the fund,” the firm informed.

According to Reed Smith, “EuSIF invests exclusively in Greece in the equity of projects relating to environmental sustainability. More specifically, EuSIF invests in projects that achieve energy saving and energy production from renewable sources and projects of the cyclical economy. The fund, which held its first closing in June 2021 with total commitments of EUR 50 million, has until now invested in numerous projects of LED lighting upgrades in Municipalities, that achieve an energy reduction of around 70%, as well as in projects that deploy solar parks on the roofs of industrial buildings and produce energy which is consumed through net metering.”

Moreover, according to the firm, “EuSIF has developed a projects pipeline that relates to energy upgrades and repositioning of existing commercial buildings, development of solar and wind parks, waste management, and production of biofuels. Through its equity contribution, EuSIF will participate in projects in the Greek market with a total value in excess of €500m.”

The Reed Smith team included London-based Partners Panos Katsambas and Shervin Shameli and Athens-based Associate George Fountas.

Reed Smith did not respond to our inquiry on the matter.

Koutalidis has advised the National Bank of Greece on the issuance of a EUR 71 million bond loan by Reds subsidiary Gyalou Emporiki Kai Touristiki Monoprosopi for the purchase of the former US base in Gournes, Crete. Karatzas & Partners advised Reds.

Gyalou Emporiki Kai Touristiki Monoprosopi is a wholly-owned subsidiary of Reds and a member of the Ellaktor Group. The property in Gournes is a seaside area of 345,567 square meters located 13 kilometers from the Nikos Kazantzakis International Airport and 16 kilometers from the city of Heraklion. The company aims to use the land for tourism and commercial development.

According to Koutalidis, “the loan was used for the refinancing of debt related to the operation of the Smart Park, the largest outdoor shopping mall in Greece, and the purchase by Reds of the former US base in Gournes, Heraklion Crete, via an e-auction conducted by the Hellenic Republic Asset Development Fund, where Reds emerged as the highest bidder with an offer of EUR 42 million.”

The Koutalidis team was led by Partner Effie Papoutsi.

The Karatzas & Partners team included Partner Nikos Fragos, Associates Evanthia Dimou and Pantelis Zalokostas, and Trainee Lawyers Tina Sofianou and Eleni-Amalia Giannakopoulou.

KLC has successfully represented three KTEL regional bus companies – those based in Larisa, Ioannina, and Heraklion – in a pilot trial procedure before the Supreme Administrative Court for the compensation of state-granted discounts on fare tickets. 

According to KLC, “the Court held that the Greek state is obligated to pay to the above companies compensation for the loss of revenue incurred to them because the state has granted free or reduced-fare tickets to special categories of passengers.”

KTEL is an association of 62 regional bus companies in Greece providing bus public transport service.

Koutalids has advised Alpha Holdings and Services on its EUR 400 million issuance of fixed-rate reset additional tier 1 notes.

Citi Bank was the sole structuring advisor while Barclays, BofA Securities, Citi, JP Morgan, and Nomura were the joint bookrunners.

According to Koutalidis, “the issue of the AT 1 notes received exceptionally strong demand in the international market evidencing the confidence of the international investor community in the Greek economy and the Greek banking sector. Through this innovative transaction, Alpha Services and Holdings optimized its regulatory capital structure and diversified its capital sources, while further strengthening its total capital ratios.”

The Koutalidis team included Partners Nikos Salakas, Ioannis Kaptanis, and George Naskaris.

Koutalidis did not respond to our inquiry on the matter.

Yiannis Loizos and Chrysanthi Karlou have been promoted to Partner at Koutalidis.

Loizos, a former Senior Associate who joined Koutalitis in 2008, became a Partner in the M&A Law practice. He joined as a Trainee, was promoted to an Associate the same year, and made Senior Associate in 2018. According to the firm, he “possesses broad expertise in both Greek and cross-border M&A transactions and privatizations.”

“Yannis’ promotion further strengthens our already highly talented M&A team,” Managing Partner Nikos Koritsas commented. “Sharing our values and common goals in driving the practice forward, his dedication and contribution are core in securing the sustainable expansion of our firm”.

Karlou has become a Partner in the M&A Law practice as well. According to the firm, “since 2009 when she joined the firm, Chrysanthi holds a wide range of transactional and advisory experience with a focus on M&A, capital markets, and banking & finance.” Before joining Koutalidis, Karlou spent almost three years with Norton Rose as an Associate, between 2006 and 2009.

“It is our firm belief that the most important driver of our success is our people,” Koritsas added. “Chrysanthi reflects the integrity and the strength of our talent in our key industry sectors. We look forward to her continued success in her new role.”

Zepos & Yannopoulos has advised Green – V-Group’s energy branch – on the conclusion of two additional PPAs with Heron Energy for power generated by two solar projects.

The V-Group operates in waste management, renewable energy sources, and financial investments.

Heron Energy is an energy supplier belonging to the Gek Terna group, a Greek conglomerate.

Zepos & Yannopoulos previously advised Green on the execution of a non-vertical long-term power purchase agreement with Heron Energy for the sale of energy generated from a 9-megawatt solar plant over a 12-year term (as reported by CEE Legal Matters on November 24, 2022). 

The Zepos & Yannopoulos team was led by Partner Anastasia Makri and Senior Associate Smaragda Spyrou and included Associate Apostolos Skoutas.

Zepos & Yannopoulos did not respond to our inquiry on the matter.

Bernitsas Law has advised Lavipharm on raising EUR 51.2 million in equity capital and the December 2022 listing of its new shares on the Athens Exchange.

Lavipharm is an integrated pharmaceutical group engaged in pharmaceutical research, development, production, import, marketing, and distribution in Greece.

“The completion of the share capital increase, especially under the difficult conditions prevailing in the markets, is a significant milestone, as it attests to investors’ confidence in the new Lavipharm,” Lavipharm Executive Board Member Telemaque Lavidas commented. “At the same time, it contributes towards the more effective and direct implementation of our very carefully designed strategy for placing the group into a growth trajectory.”

The Bernitsas Law team included Partner Nikos Papachristopoulos, Senior Associate Sofia Kontou, and Associate Kelly Hatzigaki.