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The rise and fall of Lavrentios Lavrentiadis

07 August 2011 / 17:08:33  GRReporter
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"Master of his own pocket»

In the period 2003-2009 Lavrentiadis managed to make his companies giant and to add value for shareholders, who followed him. Of course, there are voices against that claimed that he is "a master of his own pocket, as the earnings per share of his companies decreased because of the large amount of securities issued after the huge increase in capital, but also because you can never compare the balance sheet from one financial year to the balance sheet of the previous one because the values ​​are always different due to the multiple acquisitions and mergers that have taken place in the meantime."

For the first time Lavrentiadis captured the attention of the investment community in March 2003 when Neochimiki appeared on the Athens Stock Exchange. The company, based in Egaleo, is owned by his family and Lavrentiadis took over its fate atl the age of 18, after the sudden death of his father. Lavrentiadis is better known for his personal story – at the age of 18 years old he got sick of juvenile rheumatoid arthritis, a disease which he is still struggling with today with daily physiotherapy rather than for his business success. But actually, Neochimiki, which had until that time produced cleaners for large international companies, is developing very quickly. In 2005, packages of shares of the company started being shifted to foreign institutional investors. His cooperation with the broker Manolis Varsos begins to bear fruit. The two-digit growth of the company and the employment provided by multinational chemical companies provide the necessary "growth story", which Varsos sells very well to foreign investment houses. At the time it was a strange phenomenon for foreign institutional investors to buy shares of companies with small capitalization. Of course, the transactions have been examined by the Committee on Capital Markets, which concluded that buyers are actually large investment houses. Neochimiki was sold in 2008 to Carlyle Group for 19 euros per share, while the entrance price was 1.39 euros per share. The American Fund has spent over 700 million euro to acquire the majority of shares of Neochimiki. Lavrentiais sold his company to the highest bidder and earns personally about 130 million euros. Redemption of Neochimiki two years later and after a legal battle launched by Carlyle fed the scenarios that the balance sheet has been adjusted. The businessman himself claimed he had bought back the company for emotional reasons, and attributed its poor development to the management of the Americans.

At the end of 2006 he created Αlapis through the merger of four companies (Veterin, ΕΒΙΚ, Lamda Detergent and Εlpharma). Within four years and after 19 acquisitions, including the company Gerolimatos, Αlapis became the most powerful pharmaceutical company in Greece, but with serious problems in terms of liquidity.

In 2013, expires the term of the credit worth 647 million euros and it is believed that there will be a "battle" between banks for its renewal and the conditions for refinancing. The management of the company claims that a company with a turnover of 1 billion euro such as Αlapis can service these loans, but can not automatically finance its development when there are claims by the Greek State in excess of 350 million euros. The company employs 1,700 people who worry about their future.

Intermarry with Daniel Spekhard

The successful at the beginning business activities, but also the large amounts of money open new ways for the pious youth from Egaleo. A supporter of the rightist Party New Democracy, he picked up the phone and spoke to all ministers. However he also maintained excellent relations with the members of PASOK.

In 2006 he was nominated businessman of the year. Suddenly his entourage began to increase and wherever he went the motorcade that accompanied him, causied gridlock. He became related to the former U.S. ambassador in Greece Daniel Spekhard (he became the godfather to his granddaughter), whom he appointed as Chairman of the Board of Diretors of Ρroton Βank. He became a passionate collector of works of art and sponsor of numerous events in the field of arts and literature, held at the Museum 'Benaki", at the National Art Gallery, Museum of Cycladic Art, the Palace of Music and others. At the same time he supported by significant amounts charity organizations and the Church. The position of the "little» Μerit as a consultant in his business plans took Deutsche Βank, RΒS and the Greek Αlpha Βank and Piraeus Bank.

In early 2010, he funded the Research Department for Southeast Europe "Lavrentios Lavrentiadis" in Τhink Τank Center for Strategic and Ιnternational Studies in Washington and became a privileged interlocutor of the people who pull the strings around the world.

Media and the "Legend"

At first silent, but then with a deafening actions Lavrentiadis took stands together with Petros Kiriakidis in the mass media. Kiriakidis publishing activity seemed independent of the work of Lavrentiadis. Therefore Kiriakidis himself hastened to clarify to the stock market that the company ΝΕP Εkdoseis has acquired 12.53% of Pegasos («Εthnos», «Imerisia», etc..) and 10.14% of H. K. Tegopulos («Eleutherotipia»), that is the majority shareholder in ΝΕP.

Tags: Lavrentios Lavrentiadis farmaceutical company Αlapis Ρroton Bank Investigation
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