GREECE - Selonda and Dias merge to form the largest cοmpany in Mediterranean aquaculture

The merger will form the largest bass and bream producer worldwide, and a 15% share of the global market
April 6, 2013

The Board of Directors of Selonda SA and Dias Aquaculture SA announced that an agreement has been reached to merge the two companies. The merger will form the largest bass and bream producer worldwide.

The merged entity will have the corporate name Selonda, a combined total turnover of over 230 million euros, and a 15% share of the global market for Sea Bass and Sea Bream, which are well-established as the most popular Mediterranean fish around the world, and as Greece’s number one food export in terms of total value. 

The total sales volume of the merged corporation Selonda will be over 40,000 tons, accounting for 35% of Greece’s total production of Sea Bass and Sea Bream. The total annual volume of exports of fresh Greek Sea Bream and Sea Bass to over 20 countries will surpass 35,000 tons, amounting to approximately 87% of total sales. The production facilities of the new company will include 72 sea-cage farms, 7 hatcheries, 14 packing stations, 2 processing plants and 2 distribution centers. The corporation created by the merger will have 12 subsidiary companies and total personnel of approximately 1.500 employees.

The Board of Directors of the merged corporation will have seven members and the company’s Executive Committee will be made up of:

John Stephanis – Executive Chairman

Stefanos Manellis – Chief Executive Officer

John Andrianopoulos – Chief Operating Officer

Thanasis Prachalis – Chief Financial Officer

John Stephanis, Executive Chairman of the new corporation stated: “we are creating the leading Greek corporation in the Aquaculture sector”. “The new Selonda will be a leader not only of the Greek Aquaculture industry, but of the entire Mediterranean fish farming sector. By focusing on the synergies that will result from the merger as well as the product quality and other characteristics that differentiate us from the competition, the new company will adapt a more flexible and aggressive strategy in regards to penetrating an even greater number of markets abroad. The agreement that has been reached is evidence of the fact that we will continue to strive to achieve of our vision, to the benefit of our company, its shareholders, its employees as well for the entire Greek Aquaculture sector that contributes a great deal to the country’s economy.”

Stefanos Manellis, CEO of the new corporation, also expressed his satisfaction with the planned merger by stating: “During the more than 20 years that Dias has been operating we have proven that we are always a step ahead and not afraid to take bold company decisions. The merger is the first step in the now mandatory consolidation of the industry. Both companies, Dias and Selonda, together have to exploit our competitive advantages to create a powerful corporation that can effectively manage the formidable challenges that our industry is currently facing. I am optimistic that, despite the difficulties of the task at hand, we have the required infrastructure and capable human resources in order to achieve the desired results.”

The merger is subject to the approval of the two companies’ Board of Directors, the Greek Competition Board as well as the Ministries of Development, Infrastructure, Transportation and the General Commerce Committee.