Amerra-backed Andromeda bolts on two aquaculture companies

With this acquisition, Andromeda expects to improve its product development, sustainability, technology and production efficiency, and build a large Mediterranean aquaculture player specialising in sea bream and sea bass production.

Following the deal, George Fragkoulis was appointed as CEO of Nireus and Leonidas Kolioulis as CEO of Selonda. The two companies will remain separate legal entities and operate as subsidiaries of Andromeda.

New York-based Amerra acquired a 90% stake in Andromeda in May 2016 from the South Eastern Europe Fund. Under Amerra's ownership, Andromeda has grown both organically and through an intense acquisition strategy with more than 10 transactions completed since 2007.

Previous funding
Andromeda was acquired by the South Eastern Europe Fund, a subsidiary of Athens-based private equity firm Global Finance, in 1998. According to the firm, Andromeda's value grew from around €35m to €100m under its tenure.

Company
Koropi-based Nireus and Marousi-headquartered Selonda are two agriculture companies specialising in the production of sea bream and sea bass for the Greek market.

People
Amerra Capital Management – Thor Talseth (partner).
Andromeda Seafood – Alex Myers (CEO).
Nireus – George Fragkoulis (CEO).
Selonda – Leonidas Kolioulis (CEO).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Greece
• Build-up
• Buy-and-build