Latsis family takes over Pittas spin-off in first US public market transaction

In late April, Euroholdings announced it was exploring strategic alternatives to maximise shareholder value, including a possible sale of all or part of the company. The spin-off began trading on Nasdaq in mid-March and currently operates Euroseas’ oldest container vessels.

In the latest development, certain Euroholdings shareholders affiliated with the Pittas family have entered into a stock purchase agreement to sell 51.04% of the company’s outstanding common shares to Marla Investments, a Latsis family led entity. Following the transaction, the Pittas family retains approximately 7.60% ownership in the company.

According to official disclosures, the consideration for the 1.43M shares sold was approximately US$12.90 per share in cash. Marla has also agreed to make additional quarterly cash payments to the Pittas family, contingent upon the continued employment of the company’s vessels, Joanna and Aegean Express, beyond their minimum charter periods.

Following the acquisition, Euroholdings board members Aristides Pittas and Anastasios Aslidis resigned. They were replaced by (Paris Kassidokostas-Latsis-backed) Latsco shipping chief executive George Margaronis and chief financial officer Christos Triantafillidis.

Despite the ownership change, the Pittas family led Eurobulk, Eurochart and affiliated entities will continue to provide executive, commercial and technical management services to the company. Euroholdings’ current management team will remain in place post-transaction.

Strategic investment

“With a presence in shipping of over 80 years, the Latsis family is excited that it has consummated its first transaction that relates to the US public markets, to complement its other public and private investments in a variety of sectors and countries,” said Marla Investments vice president George Margaronis.

“As a new director of the company, I personally look forward to working closely with the company’s experienced management team and my fellow members of the board of directors,” he added.

“We strongly believe this transaction represents a significant milestone in EuroHoldings’ evolution as it marks a new beginning with a highly reputable and successful shipping sponsor as a shareholder of the company,” highlighted Aristides Pittas.

The Latsis family is among Greece’s most prominent entrepreneurial dynasties, with deep roots in shipping. Their company, Latsco, currently operates a diversified fleet of 32 vessels, including tankers, gas carriers, bulk carriers and container ships, with an orderbook of 13 additional vessels.

Euroholdings currently manages a fleet of two feeder container vessels, built in 1997 and 1999.