
Aqua Bridge Group, a Dubai-based aquaculture company, has officially announced its acquisition of AVRAMAR’s Greek fish farming assets. This acquisition marks a pivotal moment for the Mediterranean aquaculture sector, promising stability and innovation amidst the challenges faced by one of the region’s largest producers.
As mentioned previously on misPeces, AVRAMAR's operations are based in Greece and Spain, with a significant presence in both countries. In Greece, AVRAMAR employs approximately 2,300 people across various facilities, including hatcheries, feed manufacturing plants, farms, processing and packaging plants, and logistics centers. The company's Greek operations account for a substantial portion of its total production volume with a production capacity exceeding 170,000 tonnes per annum.
AVRAMAR has faced significant financial difficulties in recent years due to declining sales and rising inflation. The company’s Greek operations, which account for 70% of its production, were at the heart of the crisis. While its Spanish division secured refinancing, ARAMAR’s Greek assets required a more comprehensive restructuring.
Deloitte, acting as the advisor for the restructuring process, reviewed three binding offers from Atitlan, Diorasis (the main shareholder of Philosofish), and Aqua Bridge Group, ultimately determining that the latter's proposal was the most advantageous for Avramar’s future.
Terms of the Acquistion
The proposal involves reducing AVRAMAR’s liabilities by approximately 70%, excluding a €20 million bridge loan provided earlier this year. Additionally, Aqua Bridge has committed to injecting between €60 million and €80 million to rejuvenate the company’s Greek operations.
In a statement, Aqua Bridge Group CEO Mohammad Tabish expressed his “deepest gratitude” to key collaborators who “has supported us over the past six months” and shared a vision for the future.
Tabish also thanks to Deloitte Greece for their “exceptional guidance throughout this process” and to JaZaa Business Services team for the “invaluable support during the due diligence phase”.
“As we move toward a seamless transition, I want to reassure all our stakeholders that Aqua Bridge Group is fully committed to ensuring stability, fostering innovation, and driving a successful transformation. Our vision is to honor AVRAMAR’s remarkable legacy while shaping a sustainable, future-driven aquaculture leader”, as commented by Tabish.
As mentioned by Mohammad Tabish, the acquisition, expected to be finalised in the first quarter of 2025, is set “to reshape Greece’s aquaculture landscape. Aqua Bridge’s vision of a revitalised, innovative, and sustainable industry promises to drive economic growth and cement a position as a global leader in aquaculture.”