Adama Takes Control of Greece’s Alfa
Israeli crop protection producer Adama is acquiring the remaining 51% stake that it does not already own in Alfa, a Greek provider of crop protection products, fertilizers and seeds.
The Athens-based company has served as Adama’s representative in Greece for more than 30 years and the companies have been strategic partners in the country since Adama’s acquisition of a 49% stake in 1993.
Under the terms of the deal, Alfa will divest its formulation and logistics operations to a new entity owned by Alfa’s founding Paisios family. Consequently, Adama will own 100% of Alfa’s commercial business, including its wholly owned subsidiary Agribul in Bulgaria.
Bertrand Lombard, Adama’s vice president of Southern Europe, said the transaction will “finally bring Alfa fully into the Adama fold,” further bolstering its position and offering in the key Greek market.
“Adama’s global reach and broad product offering, combined with our team's strong local expertise, are a recipe for continued growth in this region,” added Vasileios Paisios, Alfa’s chairman and CEO. “I see this as the next logical step in the development of the company to advance and progress in the dynamic Greek crop protection market.”
The acquisition is expected to close in the coming weeks. Financial details were not disclosed.