When Euro2day.gr revealed 19 months ago the contacts between Nitsiakos and the Ukrainian company MHP, many in the market believed it was unlikely that the mainland-based family would sell and that an investor from a country at war would attempt to gain a foothold in the Greek agri-food sector. In fact, eight months ago, the head of Nitsiakos had publicly denied that there was any agreement or process to sell the company.
Today, the market has its answer.
MHP, the Ukrainian agri-food group owned by billionaire Yuriy Kosyuk, is proceeding with the gradual acquisition of Nitsiakos, in a deal expected to fundamentally reshape the Greek poultry market. Although the price has not been disclosed, market sources claim it exceeds 300 million euros.
The agreement provides for the acquisition of 70% of the company in three successive phases (i.e., the same number as the holding companies established by the Nitsiakos siblings—Kostas, Marilena, and Angeliki—into which they have contributed their shares), while the Ukrainian group retains the right to a full buyout at a later date. Although approvals from the relevant authorities are still pending, the industry already views the transaction as a turning point. This is because it is one of the last major sectors of Greek industry that remained essentially under domestic control.
In a market still characterized by small, family-run businesses, Nitsiakos is a Greek brand operating on an industrial scale. This is exactly what MHP appears to have been seeking.
Nitsiakos is not a regional company. Based in Epirus, it has built over decades one of the few fully vertically integrated production models in the Greek market, controlling the entire chain, from animal feed and breeding to processing and distribution. In yesterday’s announcement, Nitsiakos’ management stated implicitly yet clearly that the production base and operational center will remain in Epirus, an important assurance for a region where the company is a major employer and a pillar of the local economy.
“...What gives us confidence is MHP’s proven approach to developing strong local businesses, with respect for their identity, history, and role in the communities where they operate,”he notes.
The Kiev-based group has pursued an aggressive pan-European expansion strategy in recent years, seeking to create a network of strong local brands in the poultry and animal protein sector.
The acquisition of the Slovenian company Perutnina Ptuj in 2019 was the first major step. This was followed by the acquisition of 92% of the Spanish UVESA Group, expanding MHP’s presence in Western Europe.
For MHP, the Greek market—with its proximity to the Balkans and the Eastern Mediterranean and high domestic per capita consumption—gives it access to an even larger market. And while we are talking only about the Greek market, which is quite protected by family-owned businesses or cooperatives, MHP’s entry is expected to drastically accelerate consolidation in the sector.
Competitors now face a player with a strong “war chest”, an international supply network, and a proven willingness to expand further.
The deal also carries strong symbolic significance. Foreign capital used to flow mainly into tourism, infrastructure, logistics, and energy. That is now changing. Food security, control of the supply chain, and protein production are becoming increasingly strategic priorities across Europe.