Until a few months ago, the plan seemed straightforward. Bringing the Carrefour name back to the Greek market was AVE’s central narrative and Nikos Vardinoyannis’s most recognizable business venture.
All of that was true until the end of last year. Because that scenario no longer holds. Carrefour remains in the portfolio, but it is no longer the focal point. In fact, the network is unraveling as several company-owned or franchise stores have passed into the hands of competitors.
The focus is now gradually shifting toward a range of diverse activities. The first sign of this shift came with the reversal of Carrefour’s expansion plan. A decision that Thomas Roubas had discussed with Euro2day.gr, revealing the new strategy.
In fact, over the past week, new pieces have been added to the puzzle. On one side is Yalco. Through the Cypriot firm AVE Participation, AVE has expressed its intention to invest up to 5 million euros in the share capital increase of the historic home appliance company, supporting the restructuring plan approved by the general meeting of shareholders.
On the other hand, just a few hours ago, Studio Illum HO.RE.CA was established, a new company focused on hotel equipment, interior design, and hospitality services.
The interesting part lies in the shareholder structure. AVE Participation holds 30% of the new company. HOTELUX – Hotel Equipment Experts I.K.E. controls 40%, and CELEBRATE Real Estate Single-Member S.A. holds the remaining 30%.
Although AVE’s participation could be viewed as just another investment move, the composition of the first board of directors suggests something more. Thomas Roubas of AVE has been appointed chairman, flanked by Apostolos Voulgaris as vice chairman and Georgios Sarantopoulos as managing director. The new company’s articles of incorporation are not limited to the sale of furniture and equipment, but extend to consulting services, renovations, investments, and stakes in hospitality businesses.
And while these two moves may be considered related, the recent acquisition of a 24.98% stake in Probotek for €150,000 by AVE Participation points in a completely different direction. This is because Probotek operates in the market for drones and autonomous operations, developing software, artificial intelligence systems, and infrastructure aimed at both the private and public sectors.
All of these investment moves by AVE paint a picture of a group seeking entry points wherever it sees growth opportunities. A series of moves that, so far, lack a clear overarching strategy. However, on the stock market, the share price closed at €0.441 on Friday, recording a marginal increase of 0.23%.
However, the valuation remains significantly lower than last summer’s levels, when a potential deal with Bazaar was in the works and the share price had reached €0.612. Compared to those levels, the market capitalization has fallen by approximately 28%.