Golden Age Capital Strategy and Objectives: €250 Million Investment in Greek Companies

The Greek private equity market is welcoming a new player with the establishment of Golden Age Capital by Periklis Mazarakis, a fund investing €250 million (approx. $271 million) in Greek companies. Following an extensive career abroad—with studies at Wharton and Stanford, tenures at multinationals such as Bristol Myers Squibb and Yum Brands (Pizza Hut, KFC, Taco Bell), and 20 years of experience in private equity—Mr. Mazarakis has returned to Greece to capitalize on the opportunities presented by domestic businesses.

Four-Fold Strategic Differentiation

Golden Age Capital's approach differentiates itself in the Greek market based on four key pillars. First, the fund executes exclusively majority acquisitions (51% and above), in contrast to the trend of minority participations that has dominated the local market over the last 10-15 years.

Second, the team, which currently consists of 13 professionals and is expected to reach 16 by the summer, approaches investments as operators. The executives develop value-creation plans with the objective of tripling the size of the companies.

The third pillar involves the consolidation of fragmented markets. The strategy entails acquiring a core platform company and, through it, acquiring smaller competitors to create strong players (a 'buy and build' strategy).

Finally, the fund aims to expand these companies into the Balkans and Eastern Europe, creating regional champions. This approach increases the exit multiplier and broadens the pool of potential strategic buyers.

Portfolio and Investment Targets

Golden Age Capital's investments are concentrated in three sectors: healthcare services (such as pharmacies), business services (such as Moving Doors), and food/hospitality (which includes the network "Ο Πρόεδρος" (O Proedros/The President)).

Over the last 18 months, the fund has evaluated 96 companies. Three transactions have already closed during the first year of operation, while non-binding exclusivity agreements are in place with six companies, four of which are expected to be finalized by 2026. The overall objective is to invest in 10 companies over a period of 3 to 4 years.

Human-Centric Approach and Exit Strategy

According to Mr. Mazarakis, the investment process in Greece differs significantly from that of the US and Europe, as it is deeply anthropocentric (human-centric). Deals proceed only if there is absolute alignment of vision with the owners, often requiring dozens of meetings before the signing of a Letter of Intent (LOI).

Following the completion of an investment, a 100-day plan is implemented. The divestment (exit) period is targeted at 3 to 5 years, with the fund preparing each company from the very first day to be attractive to a strategically pre-selected ideal future buyer.