Our company, a Member of the Greek-Cypriot Costas Papaellinas Group of Companies, is a leading importer, distributor and exclusive agent for a wide variety of products, in the health, beauty and personal care fields, and in the food sector. Our company was founded in 1969 by Thanos Papaellinas, son of Costas Papaellinas.
Costas Papaellinas Group of Companies is now one of the strongest companies in Greece and Cyprus. Through successful strategic moves, such as acquiring new partnerships, companies, and forming business alliances, we have been able to grow significantly over the last 40 years. We employ 85 employees in Greece and 465 employees in Cyprus.
The ownership of our Group of Companies is divided between Paris and Thanos Papaellinas, the managing directors of the Cypriot and Greek companies respectively.
Our Group's first company is founded in Nicosia, Cyprus by Costas A. Papaellinas at the age of 20. Its commercial activity begins with the distribution of Greek lifestyle magazines of those times and continues with exclusive dealerships of ALKA-SELTZER and LEDERLE LABORATORIES (manufacturer of CENTRUM supplements) in Cyprus.
Our Group of Companies is expanding in Greece with the foundation of Costas A. Papaellinas (Hellas) S.A., serving hospitals, pharmacies and super markets. The first brands to be imported and distributed are ALKA-SELTZER, TAMPAX and AMES' diagnostic products.
The arrival of Thanos and Paris Papaellinas marks the transition to the second generation of our family and the further development of the companies. Amid the 1974 Cyprus invasion, the Greek side is driving growth by enriching its product portfolio with new dealerships, such as the brand OLD SPICE.
Greece continues to grow, increasing sales by 26% CAGR in the decade, while our Group of Companies breaks the €10 million annual sales barrier. The employees of our Group of Companies have doubled from 100 to 200.
Our Cypriot company is recovering and developing organically through the brands NIVEA in the consumer products sector, and ESTEE LAUDER in the cosmetic sector. The Cypriot side now accounts for 60% of the sales and profits of our Group of Companies.
Large investments begin in Cyprus, focused on acquisitions of specialized companies in the medical sector such as G.G. GIGANTUS, MEDVISION, PHARMALINK, CHRISTOPHIDES & PAPAELLINAS). In 2008 our Group of Companies exceeds sales of € 100 million.
Our Group of Companies is growing mainly through acquisitions of € 18 million in both the medical and consumer products sector, including PFIZER (Cyprus), SCIENTRONICS (Cyprus), MEGA (Cyprus), HATΖΙATHANASSIOU (Greece) and 3 pharmacies (Cyprus). These acquisitions represent 30% of the current sales of our Group of Companies.
With annual sales of 165 mil. € and 550 employees, our Group of Companies continues to grow in all its areas of activity, and is ready to meet the challenges of the 2020s with the advent of the 3rd generation of the family.