From their Greek founders to DELTA, then MIG and CVC, and now the Canadian Fairfax group of Prem Watsa.
Goody’s and Everest are changing hands once again, in a deal that marks the fifth chapter in the history of the storied chains and accelerates CVC’s exit from Vivartia.
Recipe Unlimited has agreed to acquire 100% of Evergood at an enterprise value of €300m. Evergood includes Goody’s Burger House, Everest, Flocafé, La Pasteria and Jackaroo.
For Recipe, the acquisition provides immediate access to the Greek market through a network with strong brand recognition, a range of brands and existing franchise partnerships. It is also Recipe’s first major move in Europe, opening the door to a significant new market.
For CVC, it marks the third major sale from its Vivartia portfolio, with attention now turning to the two remaining businesses, Hellenic Dough and DELTA.
The deal closes another chapter in the history of the two chains. Goody’s came under the control of DELTA Holdings in 2001, when the latter acquired a 60% stake. In 2006, it became part of Vivartia, which was formed through the merger of DELTA, Goody’s, General Foods and Chipita. A year later, Marfin Investment Group entered the picture.
Everest, which was listed on the Athens Stock Exchange in 1999, joined Vivartia in 2008, while the unified Goody’s–Everest group was formed in 2011. The next change came in 2020, with CVC’s agreement to acquire Vivartia.
The C$3.5bn Canadian group
Recipe Unlimited, whose history dates back to 1883, is one of Canada’s largest foodservice groups. Its portfolio includes 18 brands, among them Swiss Chalet, Harvey’s, St-Hubert and New York Fries. In 2025, sales across its network totalled about C$3.5bn, with EBITDA of C$197m and free cash flow of C$116m.
Fairfax, which had invested in Recipe since 2013, acquired an 84% stake in 2022 in a deal that took the company off the Toronto Stock Exchange. Recipe’s business model relies heavily on franchising.
CVC has realised €540m
On the other side of the deal, CVC is gradually completing its exit from Vivartia. The sale of Barba Stathis to Ideal Holdings was completed in March 2025 for €130m. In November, Dodoni followed, changing hands to Hellenic Dairies for €110m. Including Evergood, the three transactions have a combined value of €540m.
Attention is now focused on Hellenic Dough and DELTA, for which CVC is seeking a combined valuation of more than €700m.
For Michael Arampatzis – Hellenic Dough, which owns Chrysi Zymi, the fund is seeking a price of more than €400m, according to reports. Production capacity, its presence in frozen foods and growth potential are the main factors that could attract international strategic investors.
The picture is different for DELTA, where the target is set at close to €300m, according to sources familiar with the plans. The brand’s strong position in the Greek market is an advantage, but high production and distribution costs, competition and pressure from retail chains make the valuation more challenging.
If CVC achieves the valuations it is seeking, total proceeds from all Vivartia businesses could exceed €1.2bn.