Cooke acquires Selonda Aquaculture

Cooke, a Canadian aquaculture company, has entered into a preliminary agreement to acquire the debt holdings of Avramar Greece, a significant player in marine aquaculture. This acquisition is part of a broader strategy that includes an arrangement to purchase the equity of Avramar, potentially consolidating Cooke's position in the Mediterranean aquaculture sector. The target group, known for producing sea bass and seabream, operates a vertically integrated business model with hatcheries, marine farms, processing and packaging facilities, and feed production based in Athens.

The agreement involves acquiring the debt facilities of Avramar Aquaculture, Andromeda, Perseus, and Avramar Commercial and Logistics from existing lenders. This, coupled with the equity acquisition, would grant Cooke operational control over Avramar Greece upon finalization. Despite announcing the deal, neither Cooke nor the lenders have disclosed financial details regarding the debt or equity components of the transaction.

This acquisition aims to fortify Cooke's market presence in the Mediterranean, leveraging Avramar's established operations since its founding in 1981. By integrating vertically across the aquaculture value chain from hatchery to feed production, Cooke is set to enhance its capability in producing and distributing sea bass and seabream, two staples in Mediterranean seafood offerings.

The transaction comes at a time when consolidation in the aquaculture industry is gaining traction, with companies seeking scale and operational efficiencies. Cooke’s move may put pressure on other marine aquaculture players to consider similar consolidation strategies or risk losing competitive ground. Amid fluctuating seafood demand, companies are reevaluating capital allocations, focusing more on integration and expansion to sustain growth.

Completion of the deal remains subject to definitive agreements and regulatory approvals, which Cooke aims to secure promptly. As the acquisition process continues, market participants will be closely monitoring its impact on regional aquaculture dynamics and competitive positioning in the sector.