November 20, 2023
Aquafeed producer Irida acquires 83.5% stake in Greece's Galaxidi Marine Farm
Irida, an aquafeed producer based in Nea Artaki, Greece, has purchased an 83.5% stake in Greek sea bream and sea bass farmer Galaxidi Marine Farm.
Galaxidi Marine Farm produces more than 15,000 metric tonnes of sea bass, sea bream and meagre at seven sites in Greece's Corinthian Gulf and one in L'Ametlla, Spain. It also operates two fish hatcheries in Galaxidi and Desfina, Greece, and processing facilities in Galaxidi and in L'Ametlla. Most of its fish carry Aquaculture Stewardship Council certification, and it also has some production of organic-certified fish.
All of the company's fish are exported, with Italy, Spain, Germany and France as its primary markets. It had sales of US$79.6 million in 2022, but its earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped from US$10.9 million in 2021 to US$8.3 million last year, and its profits dropped from US$8.1 million to US$2.8 million.
Irida has facilities in Agrinio and Patras, Greece, producing a combined 120,000 metric tonnes of feed annually, with around 35% of that total exported. It had US$163.6 million in sales in 2022 and US$14.3 million in profit, according to Agronews.
"With this acquisition of Galaxidi, Irida demonstrates once again its full commitment to Mediterranean aquaculture and its future, as well as its endeavor to seek for synergies across the whole production chain which can further be enhanced through innovation," Irida said in a release.
Terms of the deal, which closed November 13, were not announced.