The buyout of one of Greece's major chocolate and confectionery manufacturers, ION, has been approved by the Hellenic Competition Commission (HCC), it was reported on Tuesday.
Ion is being bought by Bespoke SGA Holdings, which is controlled by Cypriot private limited liability company SAG Invest & Holdings Limited.
ΗCC is the primary competition body in Greece, exclusively responsible for the enforcement of national and EU competition rules.
Although the first chocolate recipe has been manufactured since 1927, the company was formally incorporated in 1930. The main factory is located in Neo Faliro Pireaus.
Over the years, Ion introduced other chocolate varieties confectionery products such as croissants and spreadable chocolate. However, it is best known for its almond milk chocolate variety.
The company has grown to be one of Greece’s 50 largest companies with annual sales of over €100 million. In 1988, Kraft Jacobs Sushard (KJS) acquired 24.5% of holdings, which were bought back by the main shareholders in 1998.