As Greece’s 300 million euro ice cream market undergoes consolidation, with acquisitions, new investments and growing interest from private equity investors, Kayak has taken a strategic step to accelerate its growth.
The company has acquired a majority stake in Da Vinci Artisan Gelato, expanding its presence in the fast-growing artisan gelato segment and further strengthening its premium ice cream portfolio.
The financial terms of the transaction, including the purchase price and the size of the stake acquired, were not disclosed.
The acquisition is Kayak’s first major transaction since Halcyon Equity Partners acquired a stake in the company and forms part of its strategy to accelerate growth through complementary acquisitions.
Da Vinci Artisan Gelato operates a network of 18 stores across Greece, Cyprus and France. Its integration is expected to generate synergies in production, distribution, commercial development and economies of scale.
The deal also strengthens Kayak’s presence in the HoReCa and franchise channels, both key pillars of its expansion strategy.
International expansion plans
Kayak’s next growth phase includes further international expansion of its brands.
According to market information, the company is in advanced discussions to expand its Chillbox brand into Germany, Spain and Saudi Arabia, while also seeking new partnerships to strengthen Kayak’s presence across European markets.
Profit more than doubles
The group’s expansion strategy is supported by improving financial performance.
In 2024, Kayak’s revenue rose 8.13% to 11.98 million euros, from 11.08 million euros in 2023.
Net profit more than doubled, increasing 103.48% to 571,000 euros, while long-term liabilities declined by nearly 46%, reflecting a stronger financial position.
Founded by George Stavridis, Kayak began as a small ice cream workshop in Argyroupoli in 1993, producing ice cream with natural ingredients, and has since evolved into a premium ice cream company with an expanding international footprint.
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