Fairfax explores potential acquisition of Greek food group Evergood

Greek food services conglomerate Vivartia group is in discussions over a potential sale of its food-service arm Evergood to a subsidiary of Fairfax Financial Holdings, with the talks having already progressed to due diligence, according to sources cited by Greek business outlet Insider. According to the report, sources close to Vivartia confirmed to Insider that discussions are under way and that financial due diligence has been completed, but Fairfax has not yet submitted a financial offer. Evergood is the group behind a number of major food-service brands, including Goody’s Burger House, which also has a presence in Cyprus, Everest, Flocafé, La Pasteria and Jackaroo. The development comes after Vivartia strengthened its presence in the food-service market through the recent acquisition of Jackaroo, adding another growing brand to a portfolio that had already been built around the former Goody’s group. The business now operates under the Evergood name, which combines the opening letters of Everest and Goody’s. Its current portfolio includes Goody’s Burger House, Everest, Flocafé Espresso Room, La Pasteria, Jackaroo, Krispy by Jackaroo and La Jacka. The group has also continued to expand its franchise network, meaning its overall system sales are significantly higher than the revenue recorded in its consolidated financial statements. In 2025, Evergood reported consolidated revenue of €299.63 million, up from €264.97 million in 2024, representing an annual increase of 13.1 per cent. Total system sales, including sales generated through its franchise network, reached €375 million, compared with €341 million a year earlier, an increase of approximately 10 per cent. Gross profit rose by 9.5 per cent to €107.98 million, from €98.58 million in 2024. Reported earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 7.2 per cent to €40 million, compared with €37.3 million the previous year. Adjusted EBITDA stood at €32.8 million, up from €29.7 million, representing an increase of 10.4 per cent. At the same time, profit before tax rose by 6.2 per cent to €17.36 million, from €16.35 million in 2024. Moreover, net profit after tax increased by 9.7 per cent to €13.57 million, compared with €12.38 million a year earlier. The potential transaction would bring Evergood into the orbit of Fairfax, the investment group founded and led by Indian-Canadian investor Prem Watsa, who serves as Fairfax’s chairman and chief executive officer. Fairfax already has a substantial connection with Cyprus through Eurobank, in which it is the largest shareholder, holding just under one-third of the Greek banking group after a 2025 share placement reduced its stake to below the 33 per cent regulatory threshold. Eurobank’s presence in Cyprus expanded substantially after its acquisition of Hellenic Bank, while Fairfax has also agreed to acquire a 45 per cent stake in Eurobank’s Cyprus-based general insurance business, ERB Insurance, further strengthening its direct exposure to the Cypriot market. The connection has also featured in high-level contacts between Fairfax and the Republic of Cyprus, with President Nikos Christodoulides meeting Watsa in Toronto in September 2025 as part of efforts to attract international investment to Cyprus. Fairfax’s potential involvement in Evergood would therefore add a Greek food-service business to an investment group that already has significant interests in banking and insurance in the wider region, including a growing presence in Cyprus. For the moment, however, the talks remain at the discussion stage, with no financial offer having yet been submitted by Fairfax and no agreement having been announced.