LASITIA - Sitia Olive Oil Company Profile

Background

LASITIA, officially known as Sitia Olive Oil S.A., is a distinguished producer of extra virgin olive oil based in Sitia, Crete. Established in 1933, the company originated from the Sitian Union of Agricultural Co-operatives, uniting local farmers to enhance their market presence and export capabilities. With a mission to deliver high-quality olive oil that embodies the rich heritage of the Sitia region, LASITIA has garnered over 30 national and international awards, including multiple Mario Solinas awards from the International Olive Oil Council.

Key Strategic Focus

LASITIA's strategic focus centers on producing premium extra virgin olive oils under the Protected Designation of Origin (P.D.O.) "Sitia Lassithiou Kritis." Utilizing the Koroneiki olive variety, the company emphasizes traditional cultivation methods combined with modern processing techniques to ensure superior quality. LASITIA targets both domestic and international markets, aiming to expand its presence in Europe, North America, South America, Asia, and Oceania.

Financials and Funding

In July 2024, LASITIA became part of a strategic consolidation in the Greek olive oil sector. Investment fund SMERemediumCap and Inspiring Earth formed a joint company, investing €10 million to acquire majority stakes in LASITIA, Latzimas S.A., and Olympian Green International S.A. This consolidation aims to create significant synergies, enhance cost efficiency, and expand the group's branded products in global markets.

Product Portfolio

LASITIA offers a range of extra virgin olive oils, each with distinct characteristics:

• SITIA 0.3: An ultra-premium olive oil with acidity ≤0.3%, known for its fruity and harmonious flavor profile. Ideal for raw consumption in salads and gourmet dishes.

• SITIA 0.7: A premium olive oil with acidity ≤0.7%, offering balanced herbal aromas with notes of tomato and artichoke. Suitable for everyday cooking and finishing on various dishes.

• SITIA Organic: Produced from organically farmed olive trees, this oil features a distinctive aroma of green fruits, grass, and artichoke, with a spicy, harmonious taste.

• LASITIA 4LIT: An extra virgin olive oil with acidity ≤0.7%, balanced with botanical notes and a lasting aftertaste, ideal for versatile culinary uses.

Technological Platform and Innovation

LASITIA integrates traditional olive cultivation with modern technological advancements:

• Facilities: The company's 3,000 m² bottling facility in Sitia houses three production lines capable of producing up to 90 tons per day, totaling 15,000 tons per season.

• Quality Control: Storage tanks are equipped with nitrogen headspace to prevent oxidation, preserving the oil's quality and taste. A fully equipped laboratory conducts rigorous quality control and monitors olive cultivation parameters.

Leadership Team

The leadership team of LASITIA includes:

• George Kondylis: CEO of Sitia Olive Oil – LASITIA, overseeing strategic direction and operations.

• Manolis Mavromatakis: President of the Association of Agricultural Cooperatives of Sitia, contributing to the company's vision and mission.

Competitor Profile

Market Insights and Dynamics

The global olive oil market is experiencing growth due to increasing consumer awareness of health benefits associated with extra virgin olive oil. Regions like North America, South America, Asia, and Oceania are significant importers, presenting opportunities for expansion.

Competitor Analysis

Key competitors in the olive oil industry include:

• Acesur: A Spanish company with extensive facilities and a strong international presence. Acesur operates facilities across Spain and internationally, including in Syria.

• Karpea S.A.: A Greek company producing extra virgin olive oils, including P.D.O. Sitia Lasithiou Crete, emphasizing quality and traditional methods.

Strategic Collaborations and Partnerships

The 2024 consolidation with SMERemediumCap and Inspiring Earth positions LASITIA within a robust group, enhancing its market reach and operational efficiencies. This partnership aims to expand branded products in Greek and European markets and develop further in North America, South America, Asia, and Oceania.

Operational Insights

LASITIA's competitive advantages include:

• Heritage and Quality: A legacy of producing award-winning olive oils with a focus on quality and authenticity.

• Technological Integration: Combining traditional methods with modern technology to ensure product excellence.

• Strategic Partnerships: Collaborations that enhance market presence and operational capabilities.

Strategic Opportunities and Future Directions

LASITIA aims to:

• Expand Market Reach: Strengthen its presence in existing markets and enter new international territories.

• Product Diversification: Develop complementary products to meet diverse consumer preferences.

• Sustainable Practices: Continue integrating sustainable and organic farming methods to appeal to health-conscious consumers.

Contact Information

• Website: www.lasitia.com

• Social Media:

• Facebook: LASITIA Facebook Page

• Instagram: LASITIA Instagram Profile

• LinkedIn: LASITIA LinkedIn Page

LASITIA continues to honor its rich heritage while embracing innovation, positioning itself as a leader in the global olive oil market.