IDEAL Holdings agrees to acquire OHA’s 25% stake in Kymora for €118.75m

IDEAL Holdings has reached an agreement with Oak Hill Advisors (UK) LLP and its affiliates to acquire OHA’s 25% minority stake in Kymora Limited, the joint corporate vehicle between the two parties.

Kymora Limited owns 100% of Byte Group, 70% of Attica Department Stores and 100% of Barba Stathis.

The agreed consideration for OHA’s 25% stake amounts to €118.75 million, comprising €112.75 million in cash and €6.0 million in IDEAL shares, corresponding to 1 million treasury shares at €6.0 per share. The consideration is based on an agreed valuation of the CV totaling €475 million. Upon completion of the transaction, IDEAL Holdings will own 100% of Kymora Limited.

The cash consideration will be funded from IDEAL’s available cash, including the full utilisation of the €45 million raised through its latest share capital increase, and potentially through bank financing. The transaction is expected to be completed by 30 September 2026, following the completion of the agreed steps.

“We are investing 100% of the capital raised in last year’s share capital increase”

Commenting on the transaction, IDEAL Holdings Executive Chairman Lambros Papakonstantinou said: “We are pleased to have reached this agreement with our partner, OHA, a trusted financial investor. Through this transaction, we are investing 100% of the capital we raised through last year’s share capital increase and creating value for our shareholders.

“OHA has contributed to our growth strategy and the creation of value across our investments. Furthermore, this investment is comparable to an ‘indirect’ share buyback, as we are increasing our stake in our existing portfolio, and represents a more efficient option than other opportunities we have considered over the past 15 months.

“We are particularly pleased that OHA will continue to support the company as a shareholder. OHA will continue to be regarded as a partner for future investments, as was already envisaged in the original agreement.”

Alexis Attlesis, Co-Head of Europe and Partner at OHA, said: “We are pleased with the value we have created together. Lambros, the IDEAL management team and the management teams of Byte Group, Attica Department Stores and BARBA STATHIS have delivered outstanding performance.

“We support IDEAL’s decision to consolidate ownership of these investments and look forward to continuing our partnership as shareholders as the company moves into its next phase of growth.”

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