Cooke closes in on control of Avramar Greece

The companies concerned are Avramar Aquaculture SA, Andromeda SA, Perseus SA and Avramar Commercial and Logistics S.A, collectively known as “Avramar Greece”.

Together with an existing agreement for Cooke to acquire the equity of Avramar Greece, Cooke is set to acquire operational control.

The deal represents the final stages of what has been a convoluted saga, as different parties vied for control of Avramar. Earlier this year, Cooke emerged as the apparent winner in a bidding war, up against Dubai-based Aqua Bridge.

Aqua Bridge had been seen as the front runner early last year, but towards the end of the year Greek media reported that Avramar’s banking creditors, who were always going to have the last word, saw the Cooke offer as more attractive.

The Aqua Bridge offer, outlined in January 2025, would have involved a 70% “haircut” for creditors, reducing the group’s liabilities substantially.

The original companies comprising the Avramar Greece group were established in 1981, and the company has grown to become a leader in Mediterranean aquaculture, mainly farming sea bass and sea bream. 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 recognized by the Global Sustainable Seafood Initiative (GSSA) and Global Food Safety Initiative (GFSI).

The acquisition is subject to definitive documentation and customary closing conditions, Cooke said, and is expected to close at the earliest opportunity.