Greece's Omiros Dairy invests €30m in Cyprus’ halloumi industry

Trikala-based dairy company Omiros is strengthening its international presence with a strategic acquisition and bold investment in Cyprus’ halloumi market.

In a landmark move that strengthens its Mediterranean portfolio, Omiros has recently acquired A. Hadjipieris Ltd, a historic Cypriot dairy company specialising in halloumi and traditional sheep's milk yogurt. The acquisition was carried out through Omiros Dairies Cyprus Ltd, a subsidiary established for this purpose.

This move allows Omiros to add PDO halloumi to its product portfolio—complementing its established success with PDO feta—and further consolidates its position in the global dairy market.

Key markets and strategic expansion

With a multi-year investment strategy that marries tradition with innovation, Greek dairy producer Omiros has emerged as a global ambassador for Hellenic cheese-making. Operating in more than 40 international markets, the family-owned company has firmly established itself as one of Greece’s most prominent dairy exporters, thanks to a focused export strategy that now generates 95% of its annual revenue from international sales.

Germany and the United Kingdom serve as the company's top export destinations, accounting for 45% of total sales, followed by strategic markets such as the United States and the Arab world.

€30m investment in Cypriot halloumi production

The Omiros investment in Cyprus is structured in two phases over five years and totals €30 million:

• Phase One: With a budget of €5 million, this stage involves the immediate expansion and modernization of the existing A. Hadjipieris facilities. Production capacity is expected to increase to 5,500 tons of PDO halloumi annually, a significant boost from current levels.
  
• Phase Two: A more ambitious second phase envisions the purchase of industrial land and the construction of a new state-of-the-art dairy plant within the next three years. This new facility will have an annual production capacity of 12,000 tons, making it one of the largest halloumi production units in the region.

Yiannis Billis

The Cyprus operation is led by Yiannis Billis, an industry veteran with extensive experience in both the Greek and Cypriot dairy sectors.

Halloumi: Cyprus’ export crown jewel

The global demand for halloumi continues to climb. In 2024, Cyprus exported 42,427 tons of the cheese, generating €324 million in revenue—up from 39,078 tons and €315 million in 2023.

The UK remains the top export market, absorbing 45% of Cypriot halloumi exports (over 18,000 tons), followed by Sweden, which imports 3,247 tons, or 9% of the total.

Threefold strategic value of the acquisition

The acquisition marks the company’s third production facility, and its first outside Greece, serving multiple strategic objectives:

1. Product Diversification: Direct access to halloumi PDO production strengthens the brand’s Mediterranean offering.
2. Geographical Reach: Establishing a base in Cyprus enhances Omiros’ global footprint and supports its vertical integration.
3. Production Capacity: The investment bolsters manufacturing strength and resilience.

2025 growth targets and Trikala expansion

Looking ahead, the company has set a goal of 25% organic growth in 2025, driven by both capacity expansion and entry into new markets and product categories. New investments at its Trikala headquarters are already enhancing production efficiency and scalability.

Omiros is also investing in new product categories, improving its competitive edge and customer base worldwide. Recent product launches include: lactose-free PDO feta, targeting sensitive consumers; organic PDO feta, made from certified organic milk; barrel-aged feta in its premium range; as well as grilling and baking cheeses with Greek herbs.

Impressive financial growth

The company's financial performance mirrors its strategic agility and investment discipline. Omiros' turnover rose from €52.99m in 2022 to €72.35m in 2023, reaching €100m in 2024. Its production volume hit 9.53 million kilos in 2023, with exports accounting for 8.80 million kilos. Gross profit rose to €9m in 2023 (an 18.53% increase, while EBITDA climbed to €8m, up 38.12%. Meanwhile, the company's pre-tax profits grew by 23.3%, reaching €3.62m.

Supporting Greek producers

Omiros operates an expansive milk collection network across Greece, sourcing over 45,000 tons of high-quality raw material annually. The network includes hubs in Livadeia, Agrinio, Tripoli, Crete, and Naxos, as well as a zero-emission milk station in Sydini, Xanthi, acquired from Delta in 2023 and since transformed into a model facility.

The company works with 2,500 certified farms, offering stable prices and technical support to improve sustainability and product quality.

Sustainability and technological innovation

In terms of sustainability, in 2024 Omiros installed 2 MW of rooftop solar panels to reduce energy costs and environmental impact; initiated construction of a 2.5 MW biogas plant, using production waste for clean energy; modernised its logistics fleet with 6 vehicle; and completed full renovations of its zero-emissions facility in Xanthi.

Total 2024 investments in sustainability and tech upgrades reached €10 million. Its subsidiary Agrolakt also reinforced its position in high-performance animal feed.

A long legacy

Founded in 1984 in Trikala, Thessaly, Omiros traces its cheese-making heritage back five generations. Under the leadership of George Giannitsis, CEO and President, and his son Christos Giannitsis, the company has balanced modern entrepreneurship with deep-rooted tradition. Shareholders George Giannitsis and Efthymia Baka-Giannitsi each own 50% of the business.

From its first PDO feta exports in the early 1990s to its current international status, Omiros has built its reputation on the fusion of authentic Greek flavour and cutting-edge technology—and is now poised for its next chapter in the heart of Cyprus’ halloumi industry.