Cooke signs preliminary agreement to acquire Avramar Greece

Cooke Inc. announced today that it has signed a memorandum of understanding (MoU) to acquire from its lenders the existing debt facilities of major Greek marine aquaculture producer of sea bass and sea bream, Avramar Greece.

Comprising Avramar Aquaculture S.A., Andromeda S.A., Perseus S.A., and Avramar Commercial and Logistics S.A., the original companies that make up Avramar Greece group were established in 1981, and the company has grown to become a leader in Mediterranean aquaculture. The MoU refers to all of them.

According to Cooke's announcement, this is a vertically integrated operation, encompassing hatcheries, marine farming sites, processing and packaging facilities, and feed production operations. It also highlighted that Avramar holds sustainability certifications recognized by the Global Sustainable Seafood Initiative (GSSA) and the Global Food Safety Initiative (GFSI).

Likewise, the Canadian family-owned seafood company also explained that, together with Cooke's existing agreement to acquire the equity of Avramar Greece, upon closing, it will acquire operational control of the Greek fish producer.

According to information published by Naftemporiki (Ναυτεμπορική)—the leading financial and economic news outlet in Greece—citing unspecified sources, the offered purchase price for the Avramar Greece loans stands at EUR 200 million. It also explained that Avramar Greece's total debt exposure is approximately EUR 410 million, meaning the banks are achieving a recovery rate of 49%.

Although subject to definitive documentation and customary closing conditions, in its note, Cooke stated that the acquisition is expected to be completed as soon as possible.

Expanding its presence in the Mediterranean

With this acquisition, Cooke would expand its presence in the Mediterranean, where, through Cooke España (Cooke Spain), it has been farming for more than 30 years. Under the CULMAREX brand, Cooke raises sea bass, sea bream, and rock bass (meagre) in fifteen marine farms spread along the Spanish coast, on the shores of the Region of Murcia, Andalusia, and the Valencian Community.

In fact, in mid-February, citing "various sources in the sector," the Spanish seafood publication MisPeces reported that Cooke Inc. had reached an agreement to acquire the shares of Avramar Seafood S.L., the Spanish parent company of the Avramar group, although the agreement could not yet be considered finalized.

When WeAreAquaculture contacted them, Avramar's communications team in Spain was unable to confirm the news, on which neither Cooke España nor Cooke Inc. have made any public comments so far.

With presence in both Greece and Spain, following the challenging economic conditions experienced in 2024, Avramar split its operations in both countries to be treated as two different companies.

As WeAreAquaculture reported, the then-largest aquaculture producer in the Mediterranean managed to secure a lifeline for its Spanish division by renegotiating its debt with the majority of its creditors in May of last year.

At the same time, the then owners of Avramar Group - the investment funds Amerra and Mubadala - had begun actively exploring the sale of the Greek operations, which accounted for approximately 70% of their total production. Thus, in January 2025, the Dubai-based aquaculture company Aqua Bridge Group officially announced its acquisition.

Now, more than a year later, according to the information published by Naftemporiki, the UAE company has finally withdrawn its offer, which would have led the creditor banks to accept Cooke's EUR 200 million bid, which, in turn, would have committed to completing the payment within four months and immediately issuing the required letter of guarantee.