The restructuring of Avramar, the Mediterranean’s leading aquaculture producer, has reached a decisive milestone following the signing of a new Memorandum of Understanding between Greece’s four systemic banks and the Canadian multinational Cooke Inc.
This definitive agreement concludes an eighteen-month bidding process and secures the future of the group's operations. The development follows the withdrawal of Aqua Bridge from the process, leaving Cooke as the sole partner for the debt acquisition.
Sources close to negotiation indicate the final purchase price for Avramar’s loans, which carry a nominal value of 410 million euros, is set at 200 million euros. This transaction represents a 51% write-off for the banks, a recovery rate described by analysts as successful given the group's complex financial history.
A critical milestone was achieved during the recent General Meeting of Shareholders, where majority owner Amerra Capital Partners officially approved the transfer of ownership. Under these terms, Cooke acquires the Greek operations for a nominal fee alongside the debt purchase, while the valuation for the Spanish division remains undisclosed.
Cooke has committed to the immediate issuance of required letters of guarantee, with the full legal transfer expected to be completed within four months. Avramar enters this new chapter with a healthier balance sheet than during its 2019 merger, currently maintaining sufficient liquidity to sustain daily operations and reporting a profitable bottom line.
To ensure long-term viability and correct past structural inefficiencies, Cooke is expected to implement a targeted investment programme of up to 40 million euros. The strategic roadmap will focus on integrating Avramar’s production capacity with Cooke’s global network, specifically its established Spanish subsidiary Culmarex.
By developing a streamlined management structure and a clear five-year plan, the acquisition aims to solidify Avramar’s position as the global leader in sea bass and sea bream production, ending a period of protracted uncertainty for the European aquaculture sector.
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