Why Goody’s is absorbing Everest, Evercat and Pasteria

The creation of a protagonist in the field of food service is included -among other things- in the new medium-long-term strategic plan of CVC Capital Partners for the Vivartia group. In this direction, the merger under Goody’s of the companies Everest, La Pasteria and Evercat is in progress.

The draft merger agreement with these absorptions, which was signed by the managements of the 4 companies on October 26, 2021, describes the process by which the absorption will take place, but also the reasons for which it is done.

In particular, the merger will be done by accounting consolidation of the assets and liabilities of the absorbed companies, as they appear in their transformation balance sheets as of June 30, 2021, and will be transferred, as is, to Goody’s balance sheet.

Following the merger, Goody’s share capital, currently € 3.5 million, will increase to € 6 million, which is the capital of Everest, which already owns 100% of La Pasteria and Evercat.

According to the certification report prepared by Grant Thornton, the total equity and liabilities of Everest on June 30, 2021 amounted to 172.08 million euros, of which 133.56 million are equity and 38 , 51 million in liabilities, long-term and short-term.

The accounting net position of La Pasteria (Pasteria Catering and Holding Company SA) as of June 30, 2021, according to Grant Thornton, at 1,451,041.43 euros.

For Evercat (Evercat Knowledge and Training Company SA), the net accounting position on the same date reached 16,552.35 euros.

The reasons for the merger

According to what is mentioned in the draft merger agreement that has been posted on GEMI with the merger:

– a strong scheme will be created, strengthened both at the level of financial elements and at the level of human resources,

– the assets of the merging companies will be utilized to the fullest extent possible,

– Goody’s, as it will be formed after the merger, due to its size, will be able to take advantage of any business opportunities more efficiently and with greater flexibility and to achieve better terms of cooperation in the wider area of ​​food and catering services,

– a reduction in operating costs will be achieved, as well as a better organization and a more rational distribution of responsibilities between executives and staff, as the absorbed ones also operate in related sectors, resulting in economies of scale and consequently optimization of their efficiency and financial efficiency. ,

– the excess liquidity of the companies will be exploitable.

Reduction to all 4 in 2020

In 2020, sales declined in all four major brands in the Vivartia Group’s food service industry. In particular, Goody’s turnover fell by 27.7%, Flocafe by 53.3%, Everest by 39.7% and La Pasteria by 53%.

At the same time, the delivery channels were strengthened, while new collaborations were also developed with food delivery services (efood and wolt), but also strategic partners-suppliers, such as the Hellenic Atalantis Brewery, Unilever (Ben & Jerry’s ice creams) and Coca Cola 3E .

In addition, at the beginning of 2020, the group ensured the continuation of its activity at the airports of Thessaloniki and Mykonos, while acquiring a presence with new points and concepts at the airport of Santorini. In particular, in 2020 the new concepts, Herbs & Olives and Bistro dei Cavalieri, started operating at Mykonos airport.