For brothers Dragoș and Adrian Pavăl, acquiring Praktiker was their ticket into the Greek market. Buying the properties that house its stores and injecting capital into the company are the second step. The third, and more difficult, will be decided at the tills. That is where investments worth millions will have to translate into higher sales and a return to profitability.
For now, the figures show that the change of ownership is progressing faster than the commercial recovery. According to the financial statements of Dedeman Hellas, formerly Praktiker Hellas, sales fell 3.4% last year to €179.84 million, while net losses widened to €2.10 million from €1.76 million. EBITDA fell 26.9% to €2.04 million.
Romanian Paval Holding, which acquired the chain from Fairfax in July 2025, chose to focus first on property. An agreement with Eurobank paved the way for the purchase of eight properties that Praktiker had previously leased. Five transfers were completed during 2025, in Tavros, Elliniko, Metamorfosi, Thessaloniki and Heraklion, Crete. Patras and Mandra followed in 2026, while the transfer in Agia Varvara was still pending.
The strategy is reflected in the balance sheet. The book value of the properties soared to €106.04 million from €7.12 million, signalling a shift from leasing to owning a significant share of the company’s premises.
To finance the investment, the new shareholder injected €57.05 million into the company during 2025, lifting equity to €57.90 million from just €2.99 million. Further capital injections followed in 2026, while the company secured a seven-year, €90 million bond loan from Eurobank, with an initial €62.33 million drawn down in May 2026.
Praktiker is not the Pavăl brothers’ only investment. A few months after entering Greece, the Romanian businessmen agreed to acquire Carrefour’s operations in Romania in a transaction with an enterprise value of €823 million.
Having already built an extensive property portfolio, with office buildings in Romania and historic hotels in Italy and Switzerland, Dedeman’s owners are seeking to expand their presence beyond DIY.