Canada-based seafood giant Cooke is set to take operational control of Greece-based seafood firm Avramar Greece after signing a memorandum of understanding to take on the company’s debts.
Avramar Greece was first separated from Spain-based Avramar Seafood due to financial issues with the Greek business, which began pursuing a sale in 2023. Multiple bidders emerged to purchase the company, which has become a major player in Mediterranean aquaculture producing sea bass and sea bream. According to Cooke, Avramar Greece “is a vertically integrated operation, which includes hatcheries, marine farm sites, processing and packaging facilities, and feed production operations.”
As the bidding process went on, two main bidders emerged: Cooke and United Arab Emirates-based investment firm Aqua Bridge Group. In February, Cooke acquired Spain-based Avramar Seafood, making it an indirect shareholder of Avramar Greece.
Now, Cooke has signed a memorandum of understanding to purchase the debt of the four businesses that make up Avramar Greece: Avramar Aquaculture S.A., Andromeda S.A., Perseus S.A., and Avramar Commercial and Logistics S.A. Greek media reported that the purchase price of the debt was EUR 200 million (USD 232 million), though the company’s total debt is EUR 410 million (USD 475 million).
“Together with Cooke’s existing agreement to acquire the equity of Avramar Greece, upon closing, Cooke will acquire operational control of Avramar Greece,” Cooke said in a release.
Cooke did not elaborate on the deal to SeafoodSource.
The company noted that the acquisition is still subject to documentation and closing condition, but it “is expected to close at the earliest opportunity.”
The move comes after a Greek council shot down expansion plans for Avramar off of the island of Poros last August. The expansion would have boosted the company’s production of sea bass and sea bream on the island from over 1,100 metric tons (MT) to over 8,800 MT.