In the coming weeks, the fate of AVRAMAR's Greek division will be determined

Greece October 21th, 2024 | Three binding offers, including one from the Spanish group Atitlan, have reached the final stage of the acquisition process

Credits: AVRAMAR

During October, several Greek media outlets, including Euro2Day, have reported rumours that the sale of AVRAMAR's Greek division is in an advanced stage and could be completed by the end of this month or early next.

This sale only affects AVRAMAR's Greek operations, which account for 70% of the company's production.

As reported earlier by misPeces, AVRAMAR's Spanish division successfully secured refinancing, allowing it to operate with financial stability in the short term. The sovereign wealth fund Mubadala Investment from Abu Dhabi sold its stake to its partner, Amerra Capital, a US-based private equity manager specialising in special situations and private debt.

However, the sale of the Greek operations remains crucial for the long-term viability of the Group, the largest producer of sea bream, sea bass, and meagre in the Mediterranean. The sale is expected to be completed within the coming weeks.

The three binding offers presented are from the Spanish group Atitlan, an investment fund linked to Roberto Centeno, son-in-law of Juan Roig, president of Mercadona, and current owner of Sea Eight; the Aqua Bridge group from the UAE; and the Greek fund Diorasis, the main shareholder of Philosofish.

It has been revealed that the offers seek a substantial "debt haircut" with banks—amounting to around €400 million—of up to 80% or more, raising doubts about whether this will be accepted. Even if it is, an additional €100 million will still be needed to reactivate the company, according to Greek media Oikonomikos Tachydromos and Euro2Day.

The problems facing AVRAMAR in Greece go beyond debt; some experts point to structural issues and an inconsistent business strategy in recent years.