AVRAMAR Greece’s Future Hangs in the Balance as Amerra Capital Drags Its Heels

Aqua Bridge Group, a UAE-based investment fund, and AVRAMAR’s creditor banks signed a Share Purchase Agreement last week concerning the company’s Greek division-one of the Mediterranean largest producers of sea bass and seabream-according to multiple Greek and international financial sources.

However, the deal remains stalled as Amerra Capital Management, AVRAMAR’s majority shareholder based in the United States, has yet to provide its signature-a crucial final step to formally complete the acquisition. Without Amerra’s approval, Aqua Bridge cannot assume operational or shareholder control of AVRAMAR Greece.

The stakes are high. Following the SPA’s signing, the four main creditor banks-Piraeus Bank, Alpha Bank, Eurobank and the National Bank of Greece- have already agreed to a comprehensive business rescue plan in collaboration with Aqua Bridge. This includes a substantial debt write-off and a initial investment package estimated between €60-€80 million. The recovery plan outlines a modernization of facilities, streamlining of operations, and expansion into new export markets.

AVRAMAR was established in 2019 through the merge of four Greek aquaculture firms-Selonda, Nireus, Andromeda and Perseus-spearheaded by Amerra and the sovereign fund Mubadala. Despite early ambitions to become the “Mediterranean champion” in aquaculture, the group fell into severe financial distress, particularly in its Greek division, amassing over €500 million in debt within just three years. A combination of poor post-merge integration, internal fragmentation, and an adverse economic backdrop-including falling fish prices and new US trade restrictions-further worsened its financial position.

Since 2023, the company has managed to stay afloat through rolling credit extensions and bridge loans, while the banks developed a divestment strategy to prevent collapse. In 2024, Aqua Bridge was selected as the preferred investor, with other binding offers being dismissed. However, deadlines to close deal have repeatedly slipped leading to the current impasse.

AVRAMAR Spain: Not Part of the Deal

It is worth noting that AVRAMAR’s Spanish division — headquartered in Valencia and focused on processing and distribution across the Iberian Peninsula — is not included in this transaction. AVRAMAR Spain remains under the control of Amerra Capital and falls outside the scope of the assets to be transferred to Aqua Bridge.

The deal relates solely to AVRAMAR’s Greek operations, which account for roughly 70% of the group’s total production volume and include its core farming, processing, and hatchery infrastructure.

Following the SPA’s signing, the banks have begun applying legal pressure on Amerra to unblock the situation. On 16 July, they triggered a debt acceleration clause, demanding immediate repayment of loans exceeding €400 million, a move that could lead to enforcement actions and the forced transfer of equity control.

A resolution is expected within days. If Amerra agrees to sign, Greek aquaculture could soon enter a new chapter under Aqua Bridge’s leadership. If not, the dispute could escalate into legal proceedings — or even result in the insolvency of AVRAMAR’s Greek division.