Blackstone acquires Greek market leader Skroutz

Blackstone is acquiring Greek ecommerce market leader Skroutz. The American investment company is taking over a majority stake from European private equity firm CVC Capital Partners. The founders will remain involved in the business.

According to sources cited by Bloomberg, the deal values Skroutz at 635 million euros, including debt. Funds managed by Blackstone’s private equity business are acquiring the stakes from CVC Capital Partners Fund VII, to be precise.

Skroutz’s founders will also sell part of their shareholding as part of the transaction, but will retain a stake and continue to lead the company. George Chatzigeorgiou will remain CEO. He described the deal as “a significant new chapter” for the company.

Vertically integrated platform

Skroutz, which started as a price comparison website in 2005, has grown into the leading ecommerce platform in Greece, with around 2.5 million active users. The platform offers more than 12 million products from approximately 9,000 merchants. Skroutz operates a vertically integrated platform that combines its marketplace with proprietary last-mile logistics, fulfillment services, a licensed fintech offering, and a growing retail media business.

Expansion

In recent years, Skroutz has expanded its footprint by establishing a presence in Cyprus and more recently entering Romania and Bulgaria, as it looks to strengthen its position across Southeast Europe. The company still sees significant growth opportunities in the region, which appears supported by ecommerce adoption trends across Europe.

Skroutz targets growth in Southeast Europe

Blackstone aims to generate returns for institutional and individual investors by supporting Skroutz’s further growth. Alexander Walsh, Senior Managing Director said: “This investment builds on our conviction in digital consumer platforms, where we believe ecommerce penetration across Europe will continue to drive meaningful growth.”

Adevinta and Mollie

The investment firm previously invested in Adevinta, operator of online classifieds platforms, and Dutch payment service provider Mollie. In addition, Blackstone acquired a large logistics real estate portfolio in Europe, explicitly driven by growing ecommerce penetration and increasing demand for faster deliveries.