Andromeda Seafood Group closes on purchase of Nireus and Selonda

Andromeda Seafood Group has closed on the purchase of Nireus SA and Selonda SA, the Mediterranean enterprise announced on 27 November.

The finalization of the merger comes less than a month after the European Commission approved Diorasis International's more than EUR 50 million (USD 55.4 million) bid to purchase a number of sea bass and sea bream farm assets from the group. The sale of the cluster of Selonda and Nireus farm sites to Diorasis-owned Bitsakos Aquaculture and Kefalonia Fisheries was requested by the European Commission earlier in 2019 in order for it to greenlight the merging of Andromeda Seafood, Nireus Aquaculture, and Selonda Aquaculture – three of the largest Greek sea bass and bream players.

Andromeda Seafood Group CEO Alex Myers said the merger represents a new era for all of the combined businesses, and for Mediterranean aquaculture.

"The completion of the sale of Nireus and Selonda to Andromeda marks the beginning of the next phase in the growth of our business with the ambition to lead in Mediterranean aquaculture,” Myers said in a press release. “We are excited to begin working together, learning from each other, enhancing our operations and continuing to provide a healthy Mediterranean seafood experience for our customers and their families. As we begin to leverage the talents of our companies and share best practice, we are more optimistic than ever about the future and the results that will be achieved by the combined company.”

General assembly decisions for Nireus and Selonda will fall to either George Fragkoulis, who has been appointed as the new CEO of Nireus, or Leonidas Kolioulis, who is the new CEO of Selonda, the firms said.

U.S.-based company AMERRA Capital Management LLC and Abu Dhabi’s Mubadala Investment Company are the entities behind the merger of Andromeda Seafood, Nireus Aquaculture, and Selonda Aquaculture, and will serve as shareholders in the combined enterprise. AMERRA is an independent asset management firm that provides strategic capital to upstream and midstream aquaculture and agriculture businesses in Europe and the Americas. Meanwhile, Mubadala Investment Company actively manages a worldwide portfolio supporting the vision of a globally integrated and diversified economy, through sustainable returns to its shareholder, the government of Abu Dhabi.

"This is an exciting time for Andromeda Seafood Group as we complete the acquisition of Nireus and Selonda, and immediately gain an important position in the dynamic European aquaculture market," Andromeda Seafood Group Chairman Thor Talseth said. “Nireus and Selonda bring tremendous strengths in product development, technology and production efficiency that complement Andromeda's historic excellence in exports. Our leadership team will focus on delivering ever-higher standards of quality, sustainability and product innovation for our customers and consumers.”

Photo courtesy of Andromeda Seafood Group