Global Finance

Andromeda announces the acquisition of a 73.5% majority stake in Grupo Acuimar Alimentation S. L. based in Burriana (Valencia), Spain.

Andromeda ranks among the top five companies in the Greek Aquaculture industry. Headquartered in Patras, Andromeda’s production facilities are located mainly along the coast of Western Greece.

Andromeda is a dynamic and fast growing company, primarily export oriented. Controlled by Global Finance and led by an experienced management team, Andromeda has set ambitious goals for continuous growth and further geographical expansion in order to become a leading player in the Mediterranean Aquaculture industry.

Grupo Acuimar ranks among the leading companies in the Spanish aquaculture industry and is involved in the production and trading of fresh and “added value” Mediterranean aquaculture products. Grupo Acuimar is a fast growing company servicing the Spanish market and exporting to the neighbouring countries.

Grupo Acuimar has annual capacity of over 3000 tons of fresh fish and plans to further expand in 2008 and onward, while it also possesses a state of the art processing facility. The company’s facilities are located in Burriana, Spain.

In 2007, Andromeda had sales of € 30.8 million, EBITDA € 8.4 million and EBT € 5.4 million. Grupo Acuimar had sales of € 6.5 million, EBITDA € 1.4 million and EBT € 0.2 million. With the acquisition of Grupo Acuimar, the Andromeda Group expects to surpass € 50 million in combined sales in 2008, enjoying important synergies in production, management, and commercial presence.

Mr. Dimitris Valachis, Andromeda’s Managing Director commented:

“Grupo Acuimar is a natural ally for Andromeda in the expanding Spanish market. There is a cultural fit between the two companies since we share common values, focus on quality, innovation and excellence in servicing our customers.

The two companies will join forces for a much stronger market presence and realize significant synergies, a product of cooperation and sharing of the know-how that we both possess.

The acquisition is in line with Andromeda’s strategy to play a leading role in the Mediterranean Aquaculture industry. With this move we will strengthen our product portfolio and distribution network thus boosting growth opportunities in fry, fresh fish and added value product businesses”.

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