Backed by the recent entry of Halcyon Equity Partners into its shareholder base and following the acquisition of Da Vinci Artisan Gelato, Kayak is transforming itself from a specialist ice cream producer into a diversified premium food group, expanding across multiple product categories.
Kayak closed the 2025 financial year with revenue of €13.27 million, representing annual growth of around 11%. Gross profit reached €5.68 million, while EBITDA stood at approximately €1.82 million.
However, rising operating costs reduced profitability. Operating profit (EBIT) slipped to €990,000, compared with roughly €1.04 million a year earlier, while net profit declined to €527,000.
Private equity accelerates a new chapter
The arrival of Halcyon Equity Partners marks a turning point in Kayak’s evolution. Rather than focusing exclusively on organic growth, the company is now actively pursuing acquisitions designed to broaden both its product offering and market reach.
The first major transaction under the new strategy was the acquisition of a majority stake in Da Vinci Artisan Gelato, a premium gelato chain founded in 2012 that operates 18 stores across Greece, Cyprus and France.
Building a diversified premium food platform
Kayak’s transformation actually began several years earlier. In 2020, the company acquired 70% of Chillbox and full ownership of Chillbox Global, entering Greece’s frozen yogurt market through an established franchise network. Its ownership has since increased to 97%.
The company also expanded into niche dairy products through the acquisition of a majority stake in Kritika Pagota, producer of the Goatit goat milk ice cream brand. Today, the group also includes Kayak Edesmata Glyfadas and Pelekanos, creating a portfolio that extends well beyond traditional ice cream manufacturing.
Across all businesses, the group operates more than 80 company-owned and franchised stores in Greece and abroad, while supplying products to more than 2,000 HoReCa locations.
From a 70-square-metre workshop to a national premium brand
Founder George Stavridis initially built his career in the spice trade before becoming one of the pioneers of Greece’s supermarket industry and a co-founder of the Hellenic Super Market Association (SESME).
Following the devastating 1981 Corinth earthquakes, he shifted his entrepreneurial focus and identified an opportunity in artisan ice cream, a segment that was still largely undeveloped in Greece.
Kayak was established in 1993 in a modest 70-square-metre workshop in Argyroupoli, with a clear strategy of targeting the premium market through high-quality ingredients and distinctive flavours.
Over the following decades, the company strengthened its reputation through collaborations with internationally renowned pastry chef Pierre Hermé, the launch of Greece’s first certified organic ice cream and continuous investment in product innovation.
A major milestone came in 2009, when production moved to a modern 2,700-square-metre facility in Koropi following an investment of approximately €3.2 million, creating the manufacturing capacity that supports today’s expansion.
Leadership later passed to the second generation, with Akis Stavridis serving as Chairman and CEO alongside Vice Chair Salomi Stavridou, who have retained the company’s premium positioning while pursuing a broader growth strategy.
