Tethys Ocean to take over Dias Aquaculture
By SeafoodSource staff
Published on 01 March, 2012
Tethys Ocean B.V., the aquaculture arm of Netherlands-based Linnaeus Capital Partners B.V., has acquired a controlling stake in Dias Aquaculture S.A., one of Greece’s largest sea bass and sea bream producers.
Tethys Ocean has purchased 6 million shares from Stelios Pitakas, executive chairman and CEO of Dias Aquaculture, and other shareholders, and another 1.7 million shares are due to be purchased within 15 days.
The acquisition will increase Tethys Ocean’s stake in Dias Aquaculture to approximately 56 percent, and, as a result, Tethys Ocean will launch a mandatory takeover offer, in accordance with Greek law.
Tethys Ocean is already strategically aligned with two of the Mediterranean’s largest aquaculture companies — Nireus Aquacultures and Selonda SA.
As part of the transaction, Pitakas will be appointed non-executive chairman and Stephanos Manellis will be named CEO of Dias Aquaculture.
“We are pleased to have this opportunity to increase our participation in Dias and, especially that Mr. Stelios Pitakas will continue as a member of the board with a significant remaining stake in the Company,” said Anita Hamilton, managing partner of both Linnaeus and Tethys Ocean. “We believe the key to the transition to a competitive aquaculture economy lies in strategic partnerships, the implementation of technological innovation and the adoption of robust corporate governance and transparency practices.”