The Libra Group recently announced that it is the principal investor in 50 percent of COCO-MAT and has formed a joint venture with the leading Greek manufacturer of specialist mattresses, other natural sleep products and furnishings.
Partnering with the Libra Group in this investment is the independent investment firm, the Cycladic Group, owned by Dimitri Goulandris and his family. This alliance between privately-held family businesses is designed to facilitate the global expansion of COCO-MAT through access to the Libra Group’s extensive global infrastructure.
This is Libra’s first investment in retail and manufacturing in Greece although the group has been actively investing in the country during the economic downturn, notably in the renewable energy and hospitality sectors. Representatives of the new investors will join the COCO-MAT board.
“Coco-Mat is a cherished brand that we have long admired and for which we see significant international growth potential,” said Emmanuel Androulakis, Executive Vice President of the Libra Group.
“The business has an exceptional record of product innovation and brand loyalty… We believe strongly in the underlying strength of Greek businesses and of Greek human capital and expect to continue expanding our investment and operations in the country,” Mr. Androulakis said.
On his part, Mike Efmorfidis, the co-founder and CEO of COCO-MAT, welcomed the new partners as strategic investors in the company, who “will help take a successful Greek brand to the next level as a truly global player.”
COCO-MAT is already active in 12 countries and expects its global footprint to grow significantly over the next five years.
“Our joint strategy is to expand into new geographies and sales channels and to take advantage of the largely untapped wholesale markets. We expect our new partners’ market insight, global presence and extensive network of industry contacts to help COCO-MAT achieve its growth ambitions,” Mr. Efmorfidis said.