Cooke Inc has taken a decisive step in its Mediterranean expansion strategy after announcing the signing of a memorandum of understanding to acquire the existing debt of Avramar Aquaculture SA, Andromeda SA, Perseus SA, and Avramar Commercial and Logistics SA, the companies that form the core of Avramar’s operations in Greece.
The transaction runs in parallel with an existing agreement to acquire the equity of Avramar Greece, which will allow Cooke to assume operational control of the business in the country once the deal is completed, subject to definitive documentation and customary closing conditions.
Avramar Greece is one of the leading producers of gilthead seabream and European seabass in the Mediterranean, with a vertically integrated structure that includes hatcheries, marine grow-out sites, processing and packaging facilities, as well as feed production. With origins dating back to 1981, the company also holds international recognised sustainability and food safety certifications.
The transaction is limited to Avramar’s Greek operations and does not, at this stage, include other assets of the group in the Mediterranean, such as those located in Spain, where the company also maintains significant activity. This delineation points to a phased market entry strategy by Cooke, beginning with one of the main production hubs for seabream and seabass.
The move comes at a time of increasing financial and operational pressure in the Mediterranean aquaculture sector, driven by rising feed, energy and financing costs, as well as intensifying international competition, particularly from Turkey.
In this context, scale, vertical integration and access to capital are becoming key determinants of competitiveness. Cooke’s entry into Avramar Greece reinforces the ongoing trend towards consolidation in Mediterranean aquaculture, where operators with stronger financial capacity are better positioned to absorb market pressures and expand their footprint.
Furthermore, the transaction aligns with other recent initiatives by the group in Southern Europe, suggesting a broader strategy aimed at building a large-scale industrial platform across the Mediterranean.
If completed, the deal will give Cooke control of one of the largest marine fish farming operators in Greece, strengthening its position in a key market for the supply of seabream and seabass of the European Union.
Beyond the specific case of Avramar, the transaction reflects a structural shift in Mediterranean aquaculture, where future growth will depend not only on production efficiency, but also on the ability of operators to integrate, access capital and adapt to an increasingly competitive and regulated environment.
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