COMPANY

Cooke Seafood reaches an agreement to acquire Avramar Spain

Alicante, Spain, 12 February 2026 | This transaction represents a significant move that could reshape the Mediterranean aquaculture sector

AVRAMAR, granja acuícola de El Campello, Alicante

The Canadian seafood giant Cooke Inc., owner of the former Culmarex operations, continues to accelerate its expansion in southern Europe and has reached an agreement to acquire the shares of Avramar Seafood S.L., the Spanish holding company of the Avramar group. According to several sources, the transaction represents a significant move that could reshape the Mediterranean aquaculture sector.

Avramar Seafood S.L. was separated from the Greek business in 2024 as a safeguarding measure to shield the Spanish operations from the heavy debt burden affecting the Greek parent company. As a result, Cooke becomes an indirect shareholder in Avramar’s Greek activities, although the final outcome of these shareholdings will depend on decisions taken by the creditor banks.

However, industry sources consulted by misPeces stress that the agreement cannot yet be considered definitively closed. In this regard, they point to the 2023 precedent, when Cooke Inc. held exclusive negotiations with Abanca to acquire a majority stake in Nueva Pescanova, a transaction that ultimately failed to materialise following the due diligence process and a review of the financial terms.

The same sources note, however, that the current context is materially different, as Avramar Spain has a sound financial structure and a robust operating model, placing it among the best-managed companies in Mediterranean marine aquaculture.

With this acquisition, Cooke strengthens its footprint in Spain and positions itself as a leading producer of gilthead seabream, European seabass and meagre, with sales volumes exceeding €300 million.

The future of Avramar Greece remains unresolved and is now pending the formal submission of the restructuring plan to the courts, which will assess the most favourable offer received.