ZEB S.A., with many years of experience, a significant client base, numerous projects, and highly specialized personnel, is among the leading Greek companies in the field of energy savings and energy efficiency, particularly through the implementation of ESCO-type contracts. These contracts achieve substantial energy savings and efficiency improvements, with project costs being repaid through the savings generated. Additionally, the company provides specialized sustainability (ESG) services and LEED environmental certification, further strengthening CORDIA Group’s operational capabilities, expertise, and reliability in the energy services sector. The acquisition reinforces and expands the Group’s strategic objective to offer holistic, sustainable energy solutions tailored to each client’s needs.

This investment initiative is part of CORDIA Group’s broader growth strategy, implemented through organic growth, targeted investments, and acquisitions. It follows the recent acquisition of a majority stake in the Bulgarian company Mundus, a leader in real estate management services, as well as the acquisition of controlling interest in the Cypriot company ESA Cyprus, specializing in security services, in partnership with the Papaellinas family.

Through these moves, CORDIA Group further strengthens its geographical presence outside Greece and expands its operational capabilities in Greece and Southeastern Europe. Specifically, it leverages strong synergies and applies best practices and modern technologies to offer innovative, efficient, and environmentally friendly solutions to its clients.

Commenting on the agreement, Mr. Aris Papadopoulos, CEO of ZEB, stated: “We are particularly pleased to become part of the CORDIA Group. We believe that the Group’s experience and expertise, combined with our specialization in energy services, create a strong synergy that will enable us to offer advanced and efficient solutions to our clients and expand our activities into areas such as electromobility, where CORDIA holds a strong market position, as well as new innovative services such as EaaS (Energy as a Service), combining energy production with savings and energy management in both the Greek and international markets.”

Since the acquisition of CORDIA (formerly ENGIE) in 2022 -a small company with turnover below €20 million and EBITDA of €250,000- through organic growth and acquisitions, by 2025 the Group consists of ESA, IMAGIN, Mundus Bulgaria, ESA Cyprus, and now ZEB S.A. The Group records total revenues exceeding €170 million, EBITDA above €10 million, and employs more than 5,500 people. CORDIA Group is the leading provider of integrated real estate, infrastructure, facilities management, and energy solutions services in Greece, as well as one of the largest employers in the country and the wider region.

The integration of ZEB S.A. into CORDIA Group is a significant development, as it brings together forces with a specialized partner possessing high expertise in energy services and energy efficiency. In 2026, the Group is implementing an ambitious growth plan, remaining committed to delivering innovative, flexible, and technologically advanced high-quality services tailored to each client’s needs, with reliability, responsibility, consistency, and competitive terms.

About ZEB S.A.
ZEB S.A. was established in 2012 under the institutional framework for Energy Service Companies (ESCOs), with the purpose of providing study, design, and installation services for energy management and energy-saving solutions. It is a pioneer in the design, development, and implementation of Energy Performance Contracts (EPCs) in the domestic market and offers:

• A specialized team of energy engineers with experience in energy design and building energy management
• Experience in drafting and managing EPC contracts
• Experience in applying international energy management standards and practices (IPMVP)

At the same time, it provides specialized energy consulting services, certified energy audit services, and environmental building certifications such as LEED, BREEAM, WELL, and Carbon Footprint.

SMERemediumCap is pleased to announce the successful completion of the fundraising for its successor investment fund, SMERemediumCap II, having raised €200 million. The firm’s total assets under management now exceed €340 million.

Given the strong investor interest in SMERemediumCap II, which surpassed the initial target, the full amount was raised in the first closing. Consequently, there will be no subsequent capital increase in the future.

This new investment initiative was supported by the Hellenic Development Bank of Investments, the EBRD, the Black Sea Trade & Development Bank, domestic banks, and an additional 30 Greek institutional investors, including insurance companies, pension funds, and a significant number of family offices.

Despite recent improvements, Greece continues to face a substantial investment gap, which constrains productivity growth and delays technological upgrading.

Today, there are approximately 2,700 companies with annual revenues between €10 million and €100 million, forming the backbone of the Greek economy. However, the majority lag behind in productivity, digital transformation, international expansion, adequacy of infrastructure, modern organizational and management structures, the degree of ESG principles implementation, and the reliability of their financial statements.

Our strategic objective is to contribute capital, know-how, growth and modernization strategy, and market access to enable the fastest and most effective corporate transformation required by today’s market conditions.

The investment philosophy of SMERemediumCap II is defined by five core investment commitments:

• To accelerate mergers and acquisitions among small and medium-sized enterprises, creating stronger corporate structures with an export orientation and the capacity to amortize and finance significant investments.
• To support Greek SMEs with equity capital that have a strong growth story and business potential that has not yet been fully realized.
• To strengthen companies with mature investment plans that lack access to capital and liquidity or are overleveraged.
• To support family-owned businesses facing succession challenges and that are ready to accept an institutional shareholder in their equity and operations.
• To provide the necessary capital to companies with strong export potential and/or a need for technological upgrading and a gradual transition to the green economy.

SMERemediumCap is not a passive investor. It seeks to acquire a significant equity stake and maintains an active role in shaping each company’s strategy, in collaboration with other shareholders, particularly with respect to the development of the business plan, medium-term strategic priorities, and the investment plan of each target company in which it invests.

SMERemediumCap I, established in 2020, has completed its investment cycle and has acquired strategic equity stakes in a number of leading Greek companies, primarily outside Athens, offering branded and high-quality products and services across five key pillars of the economy:

• Food & Beverages (including legume and healthy nutrition companies Arosis, Gis Voïou, Organic 3S; olive oil group The Olive Legend Group comprising Latzimas, Lasitia, and Olympia Green; soft drinks company EPSA; and Dios bottled water, in cooperation with EOS fund and Mr. Spyros Theodoropoulos).
• Business Services – Facility Management & Energy Services (including CORDIA and ESA Security Solutions, in cooperation with the family office of Ms. Marianna Latsis).
• Industry, with Doppler, a predominantly export-oriented company specializing in elevator solutions.
• Tourism: Patmos Aktis, a Luxury Collection Resort & SPA, in strategic cooperation with Marriott, as well as the innovative hotel loan portfolio Tethys (co-investment with the family office of Mr. Thanassis Laskaridis and the Brown group).
• A nationwide network of veterinary clinics, Plakentia and affiliated companies.

The management company applies best practices in corporate governance, transparency, and accountability across all its portfolio companies. It plays a decisive role in fostering an attractive, people-centric, and meritocratic working environment; improving governance, transparency, reliability, and organizational structures; shaping excellent conditions for cooperation with co-investors; and providing a comprehensive investor reporting framework.

At SMERemediumCap, Executive Chairman is Mr. Nikolaos Karamouzis, Managing Partner is Mr. Theodoros Moschos, and Senior Partners are Messrs. Giorgos Braimis, Ilias Malandris, and Stavros Blatsios, executives with extensive professional experience and deep market knowledge. Senior Operating Partners are Mr. Michalis Tsamaz and Ms. Lila Petraki-Grammenidou.

The firm’s team is completed by six highly capable Junior Partners and Associates. The majority of its professionals have many years of executive experience in the real economy and industry.

Reprinted from the SMERemediumCap Press Release: https://smeremediumcap.com/2025/12/10/%ce%b4%ce%b5%ce%bb%cf%84%ce%af%ce%bf-%cf%84%cf%8d%cf%80%ce%bf%cf%85/