The groups SMERemediumCap and Inspiring Earth are joining forces to create a new, powerful group in the Greek olive oil sector.

Specifically, as stated in the relevant announcement, with the establishment of a joint company which will acquire the majority stake of “Latzimas SA”, “Siteias Oils-LASITIA SA” and “Olympian Green International SA”, it is created a new powerful group in olive oil products. Through the union of the companies, significant synergies will be formed both in terms of cost formation and in the flexible commercial policy of a wide range of products.

According to the same announcement, the new group has multi-year agreements which ensure access to the best quality and most important olive oil productions of Crete (Rethymno, Sitia) and the Peloponnese. The main goal of the new group is the expansion of the branded label in the Greek and European markets as well as further development in the markets of North America (USA, Canada), South America (Brazil), Asia (Japan) and Oceania, which are and the regions with the world’s largest olive oil imports.

The total investment amounts to 10 million euros. The strength of the new funds and additional bank financing will support a growth commercial policy to achieve the group’s strategic goals. These objectives concern its geographical spread, the development of complementary products and its verticalization with partnerships and investments in the target markets and companies to increase turnover and profitability.

Nikolaos Karamouzis, president of SMERemediumCap stated: “We are particularly pleased and optimistic about our entry into an industry, in which our country has a stable and significant global presence, as well as our effort for the financial consolidation of companies with a dynamic perspective with benefits for local economies, employees and the country. Greek olive oil has great room for growth and needs bigger, stronger and more outgoing companies. I would also like to thank the involved banks and servicers for their cooperation and for accepting our proposals for financing and reducing the company’s overall liabilities.”

THE Konstantinos Antonopoulos, president and CEO of Inspiring Earthstated: “With our ten years of experience in the field of olive oil, we see that in a period of turmoil in global production, this collaboration is the right step for the emergence of a new format with a leading role, which will be able to respond to the great challenges and opportunities in the international market . In this effort, an important role will be played by the executives of the companies, especially of LATZIMAS SA which is the largest company of the new group in which the Kotzambasaki brothers have done an excellent job”.

The companies profile

THE “Latzimas A E”, is one of the most important Greek companies in the sector with a particular presence in the Greek and European markets. It is based in Rethymno and has a complete and vertically integrated production infrastructure while at the same time it has access to privately owned olive groves, which contributes to the competitiveness of its products.

THE “Siteia Oils-LASITIA SA” was founded four years ago, standardizes and markets the internationally recognized and sought-after olive oil P.O.P. Sitias from the agricultural cooperatives of the region and has bottling facilities with the ability to standardize 90 tons per day.

THE “Olympian Green International SA” standardizes extra virgin olive oil from the Western Peloponnese with an emphasis on P.G.E. olive oil. Olympia. The Company is among the five Greek brands with the most prestigious awards and distinctions, having won over 60 international awards.

That SMERemediumCap as the majority shareholder of the joint company will contribute to the financial restructuring of the group companies and will ensure access to new financing tools and loan funds.

The management of the new group will be undertaken by the executives of Inspiring Earth with Konstantinos Antonopoulos as managing director.