Dubai-based aquaculture company Aqua Bridge has formally announced the acquisition of Avramar's Greek seabass and seabream assets. Aqua Bridge CEO Mohammad Tabish said in his LinkedIn profile that Aqua Bridge Group is taking a significant step forward in formalizing the acquisition of Avramar.
The largest aquaculture producer in the Mediterranean, Avramar, which belongs to the American investment fund Amerra and the Mubadala fund of Abu Dhabi, has been trapped by the drop in sales and inflation. The group operates facilities in Greece, which accounts for around 70% of its production, and in Spain, where it is one of the main producers of seabass, seabream and meagre.
The difficulties have led its owners to consider selling the Greek business, which ranges from fish feed manufacturing plants to fish farms and fish processing plants. The company’s Spanish division successfully secured refinancing, allowing it to operate with financial stability in the short term.
With time running out, problems escalating, and Avramar’s capital needs increasing, the rescue process for the largest player in Greece’s aquaculture industry is entering its final phase.
The three binding offers presented were from the Spanish group Atitlan, the Aqua Bridge group, and the Greek fund Diorasis, the main shareholder of Philosofish. According to banking sources, the proposal from the investment group Aqua Bridge, representing interests from the United Arab Emirates, has been identified by Deloitte—acting as the advisor for the process—as the most advantageous for Avramar's restructuring, local news reported.
Aqua Bridge’s proposal includes, among other measures, a debt write-off of around 70% for the aquaculture group’s current liabilities, excluding a €20 million bridge loan provided by banks to Avramar last spring.
“A special thanks to Deloitte Greece for their exceptional guidance throughout this process. Your transparent and efficient approach has been a cornerstone of this journey. I also extend my appreciation to the JaZaa Business Services team, for your invaluable support during the due diligence phase,” Tabish said.
The outcome of these negotiations could reshape Greece’s aquaculture industry, influencing the domestic economy and the sector’s trajectory for years to come. “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.”
