BUSINESS

NY-based fund takes control of Andromeda fish farming

DIMITRA MANIFAVA

TAGS: Business

Andromeda is set to be the first Greek aquaculture company to be sold to an international fund, and it is believed that the local fish farming sector’s two biggest players, Selonda and Nireus, may be fated to follow a similar course.

On Monday Global Finance, the group controlled by Angelos Plakopitas, announced the sale of 90 percent of its holding in Andromeda to the Amerra Capital Management LLC fund, which is based in New York.

Although the price has not been announced, market sources cited by Undercurrent News – an international website specializing in seafood developments – say that this amounts to eight times Andromeda’s profits in 2015. The Greek company’s earnings before interest, tax, depreciation and amortization amounted to 6.5 million euros in 2014, while the 2015 financial results have not yet been issued. On a group level, sales amounted to 111.8 million euros in 2014.

Founded in 1998, Andromeda was acquired by Global Finance in 2006 through South Eastern Europe Fund LP. It owns two hatchery units (one in Greece and one in Spain), seven breeding units (four in Greece, two in Spain and one in Albania), three packaging units (two in Greece and one in Spain) and a manufacturing unit in Spain.
 

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