How EFSI benefits SMEs in Europe - National Bank of Greece case study: Mani Foods (Greece), Olive & olive oil trade & specialty foods

Mani Foods is a family business founded in 1990. Headquartered in Kalamata, just north of the Mani peninsula in the Peloponnese, it operates in the production, packaging and exporting of olives, olive oil and specialty foods. In 2007, the headquarters, warehouses and production areas were relocated to brand new facilities. Since then, the company has been going from strength to strength, increasing its export activity steadily. Mani Foods currently ships its products to more than 20 countries in five continents.

Developing into a household brand and widely recognized as one of the leading Greek exporters, Mani Foods is proud of its high standards of quality assurance: In 2013 Mani Foods’ premium quality extra virgin olive oil won the gold medal at the International Competition of extra virgin olive oil in Japan.

In 2016, the company made a breakthrough in sales by securing orders from a large American retailer. This, however, called for new machinery in order to meet the increased demand and the various customised requests. But the Mani Foods shifted gears and rose to the challenge. As Demie Zygouri, one of the company’s co-owners, points out, “This doubled more than our production.”

In order to finance this scaling-up of the company, Demie turned to their long-standing partners, the National Bank of Greece, who offered financial support to Mani Foods in the form of a loan backed by EIF under the EU’s Investment Plan for Europe. The Investment Plan for Europe aims to generate new investments by facilitating access to finance for small businesses like Mani Foods.

This support allowed Mani Foods to expand their facilities and purchase the new equipment they needed. Staff numbers subsequently exploded from 21 to close to 50. “We’re now looking to expand our US presence, while maintaining the high quality of our products.”

Company: Mani Foods (Greece)

Type of business: Olive & olive oil trade & specialty foods

EIF financing: COSME LGF, EFSI

Financial intermediary: National Bank of Greece

For further information about EIF intermediaries in Greece, please refer to: http://www.eif.org/what_we_do/where/el