Greece's aquaculture feed manufacturer Irida continues on its quest to expand its product portfolio and increase its share of the lucrative Greek aquaculture market, as it snaps up a controlling stake in Galaxidi Marine Farm.
Founded in 1987 by Nancy Panteleimonitou, Galaxidi Marine Farm has since grown to become one of Greece's largest aquaculture firms, supplying sea bream and sea bass to large commercial clients including Spanish supermarket chain Mercadona.
Galaxidi's main operation is based in Greece's Gulf of Corinth, producing 15,500 tonnes of fish per year, with its smaller facility in L'Ametlla de Mar in the Spanish region of Tarragona producing 2,000 tonnes.
Irida has acquired 83.5% of the shares in Galaxidi, the company announced, in a strategic move aimed at strengthening its presence in the Greek market.
"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 press release.
The company, led by managing director Christos Gogorossis, is headquartered in Nea Artaki, Greece, and specialises in feed and services for Mediterranean aquaculture species. Its production plant in Patras is the most recently-built fishfeed production factory in Greece, with a production capacity of 50.000 tonnes. In 2022 Irida recorded a turnover of almost €151 million, with a net profit of €13.2 million after tax.
The company has been steadily expanding its portfolio of businesses related to aquaculture in recent years. In 2021, Irida bought up 51% shares in Aquatic Biologicals, a Greek biotech company focused on fish health and welfare, including alternatives to antibiotics in aquaculture.