Cooke acquires Avramar Greece

Cooke Aquaculture Inc. has signed a memorandum of understanding to acquire the debt of Avramar Greece, a key player in the Mediterranean aquaculture sector. This preliminary agreement marks Cooke's move to gain operational control of Avramar, enhancing its presence in the Mediterranean market. Situated in Greece, Avramar specializes in the production of sea bass and seabream and stands as a significant entity in marine aquaculture.

The specifics of the transaction involve Cooke taking over the existing debt facilities from Avramar's lenders. The agreement also encompasses an arrangement to acquire the equity of Avramar Greece, which comprises Avramar Aquaculture S.A., Andromeda S.A., Perseus S.A., and Avramar Commercial and Logistics S.A. The consolidation of both debt and equity positions would give Cooke comprehensive control over Avramar's vertically integrated operations, which include hatcheries, marine farm sites, processing and packaging facilities, and feed production.

Strategically, this acquisition aligns with Cooke’s ambition to expand its global footprint in the aquaculture domain. Established in 1985 in New Brunswick, Canada, Cooke has evolved into the largest private family-owned seafood company globally, operating in 15 countries. Avramar’s strong market position in sustainable seafood is underscored by its Global Sustainable Seafood Initiative and Global Food Safety Initiative certifications, which supports Cooke’s sustainability push.

The deal occurs against a backdrop of heightened focus on sustainable seafood production and the increasing demand for responsibly farmed fish. As an integrated business, Avramar offers Cooke economies of scale and operational synergies in the Mediterranean region, an area where fish farming is particularly significant.

The acquisition is contingent upon definitive documentation and customary regulatory approvals. Once conditions are satisfied, the deal is expected to close promptly. This development is being closely watched by industry observers as it may influence competitive dynamics within the aquaculture sector and cause a strategic recalibration among other market players.