The Avax Group (Greek: Όμιλος Άβαξ), stylised as AVAX and formerly known as J&P Avax, is one of the oldest and largest construction groups in Greece. It is mainly active in the field of constructions, concessions, and real estate development, in Greece and international markets. Avax has been listed on the Athens Stock Exchange, since 1994 and the projects it has undertaken to execute, currently amount to 2.2 billion Euros. Some prominent projects of the group are Attiki Odos, Athens Metro, Rio–Antirrio Bridge and The Mall Athens.
Founding and J&P era (1986–2018)
The Avax Group traces its origins back to 1941, with the establishment of J&P Overseas. In 1986, Avax S.A. was founded, while in 1993, J&P Hellas began operating in Greece. Avax S.A. has been listed on the Athens Stock Exchange, since 1994. In 2002, Avax merged with J&P Hellas to form J&P Avax.
Foundations of Subsidiaries - Acquisitions - Mergers
2000 - Avax acquired ETETH S.A., established in 1961
2002 - J&P Avax founded AUTECO, active in the vehicle technical inspection sector
2007 - J&P Avax entered into a strategic and shareholding partnership with the construction company ATHENA S.A.
2007 - MONDO TRAVEL S.A. was established, operating in the field of organised tourist services
2008 - Task J&P Avax was founded, operating in facilities management
2017 - Completion of E-Construction S.A. and PROET SA absorption, by J&P Avax
2018 - AVAX S.A. announced the completion of the absorption of its 100% subsidiary ATHENA S.A.
In 2017, J&P Avax was fined €18.3 million ($20.67 million) for colluding with other major Greek construction companies for 23 years (1989–2012) to rig the tenders for public work projects in their favour, including projects that received funding from the European Union.
Avax Group's then-parent company J&P Overseas (Joannou & Paraskevaides) collapsed and entered liquidation on 24 October 2018, with a deficit of around $750 million (€635.06 million) and a lot of unpaid wages. Writing for Forbes shortly after its collapse, Antonis Antoniou observed that J&P Overseas suffered from a feud between the Joannou and Paraskevaides families after its founders died, resulting in mismanagement: shortly before collapse, J&P Overseas sold off its stake in Queen Alia International Airport in Amman, which according to the Financial Mirror in 2018 was expected to earn J&P at least $100 million (€84.67 million).
On 27 March 2019, J&P Avax returned to its original name (Avax) to distance itself from its bankrupt parent, while also approving a €20 million ($22.39 million) fundraising effort to increase its liquidity. On 10 December 2019, Avax announced that they bought J&P Energy & Industrial Projects, a former subsidiary of J&P Overseas.
As of 17 May 2024, three people and three companies have a share of more than 5% in the Avax Group, owning a total of 59.6% of all shares:
Honeysuckle Properties Ltd (7.5%)
ETETH S.A.: ETETH S.A. was established in 1961 and holds a 6th class certificate for public works. In 2001, it became a subsidiary of the AVAX Group.
AVAX DEVELOPMENT : AVAX Development S.A. was established in 1991 as a real estate development and investment company with operations in Greece and Central Eastern Europe. As a part of AVAX Group, it specializes in residential projects, including urban properties and holiday homes, while also making strategic investments in the commercial sector.