For nearly half a century, ETANAP-“Samaria” stood as a unique exception on the Greek business landscape. A grassroots company with hundreds of small shareholders, it was founded in 1978 on the initiative of the late Metropolitan of Kissamos and Selinon, Irineos, and grew into one of the most recognizable bottled water brands in Greece.
However, this model appears to be coming to an end. The company’s annual general meeting, held on Saturday in Chania, confirmed that ETANAP is now on track for a change in control. Barring any unforeseen circumstances, the majority of its shares are expected to soon pass to Greek investors, who are already conducting financial, tax, and legal due diligence with the aim of acquiring a stake of over 50%.
This development does not come as a bolt from the blue for the Cretan bottling industry, which reports an annual turnover of over 20 million euros and net profits exceeding 3.4 million euros. It is directly linked to the strategic restructuring of the company’s shareholder base, as the Chania Cooperative Bank, which controls 28.5% of ETANAP, is required to divest from non-banking activities following the acquisition of a nationwide banking license, in accordance with the requirements of the Bank of Greece’s supervisory framework.
According to what was announced at the general meeting and reported by local media, the offered price is around 15 euros per share, a level significantly higher than the approximately 10 euros per share offered by Attica Group two years ago.
The company’s chairman and CEO, Emmanouil Apostolakis, urged minority shareholders to consider selling their stakes, highlighting the evolving situation.
Although the identity of the interested investors remains officially unknown, sources familiar with the process rule out traditional players in the bottled water market and point to two relatively new business groups with strong financial backing that have emerged in the water sector in recent years.
The outcome of the transaction is of particular interest for another reason as well. The Cretan market is one of the most important geographic markets for bottled water, as it accounts for 8%–10% of total retail sales, while the percentage rises to 15% when the foodservice and tourism (HoReCa).