The Canadian seafood group Cooke Inc. (Cooke) has announced a memorandum of understanding to acquire the existing debt facilities of Avramar Aquaculture S.A., Andromeda S.A., Perseus S.A. and Avramar Commercial and Logistics S.A. (collectively, Avramar Greece). This move, combined with an existing agreement to acquire the company’s equity, will grant Cooke full operational control of the Greek sea bass and seabream producer.
The original companies comprising the Avramar Greece group were established in 1981, and the company has grown to become a leader in Mediterranean aquaculture. It is a vertically integrated operation, which includes hatcheries, marine farm sites, processing and packaging facilities, and feed production operations. The company’s sustainability certifications are recognised by the Global Sustainable Seafood Initiative (GSSA) and Global Food Safety Initiative (GFSI).
The acquisition is subject to definitive documentation and customary closing conditions and is expected to close at the earliest opportunity.