Cooke Inc. announced on March 19 that it has signed a memorandum of understanding to acquire the existing debt facilities of Avramar Aquaculture S.A., Andromeda S.A., Perseus S.A., and Avramar Commercial and Logistics S.A., collectively known as Avramar Greece.
The agreement, together with Cooke’s existing arrangement to purchase the equity of Avramar Greece, would give Cooke operational control over the company once the transaction is completed. The acquisition is subject to final documentation and customary closing conditions, with completion expected at the earliest opportunity.
Avramar Greece was originally formed in 1981 from several companies and has since become a leading producer of sea bass and seabream in the Mediterranean region. The company operates a vertically integrated business model that includes hatcheries, marine farm sites, processing and packaging facilities, as well as feed production operations. Its sustainability certifications are recognized by both the Global Sustainable Seafood Initiative (GSSA) and Global Food Safety Initiative (GFSI).
Cooke Aquaculture Inc., established in 1985 by the Cooke family in New Brunswick, Canada, has grown from one farm site with 5,000 salmon into what it describes as the largest private family-owned seafood company in the world. The company employs approximately 13,000 people across its global aquaculture and wild fishery divisions operating in 15 countries.
The acquisition reflects ongoing consolidation within the global seafood industry as companies seek to expand their reach and secure sustainable sources for seafood production.