Aqua Bridge Group completes acquisition of Avramar’s Greek assets 

UAE – Dubai-based aquaculture company Aqua Bridge Group has officially announced the acquisition of Avramar’s Greek seabass and seabream assets, marking a significant development in the Mediterranean aquaculture industry.

Avramar, previously the largest aquaculture producer in the Mediterranean, has faced financial challenges due to declining sales and rising inflation. 

The company, owned by American investment fund Amerra and Abu Dhabi’s Mubadala fund, operates facilities in Greece—accounting for approximately 70% of its production—and in Spain, where it is a leading producer of seabass, seabream, and meagre.

Financial difficulties prompted Avramar’s owners to consider selling the Greek division, which encompasses fish feed manufacturing plants, farms, and processing facilities. 

While the Spanish division secured refinancing to maintain short-term financial stability, the Greek operations required a more comprehensive solution.

In the final phase of the rescue process for Greece’s largest aquaculture entity, three binding offers emerged from Spanish group Atitlan, Aqua Bridge Group, and Greek fund Diorasis, the primary shareholder of Philosofish. 

As the advisor for the process, Deloitte identified Aqua Bridge’s proposal as the most advantageous for Avramar’s restructuring. 

The proposal includes a debt write-off of approximately 70% of the aquaculture group’s current liabilities, excluding a €20 (US$20.6) million bridge loan provided by banks to Avramar in the previous spring.

Aqua Bridge CEO Mohammad Tabish expressed gratitude for the support received during the acquisition process, stating, 

“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 reassured stakeholders of Aqua Bridge Group’s commitment to ensuring stability and fostering innovation, emphasising the company’s vision to honour Avramar’s legacy while shaping a sustainable, future-driven aquaculture leader.

“Our vision is to shape a future-driven aquaculture leader,” Tabish affirmed, underscoring the company’s commitment to stability, innovation, and growth.

Meanwhile, another interesting development is that the Saudi Fish Company (SFC) has signed a nine-month Memorandum of Understanding (MoU) with Aqua Bridge Group to advance aquaculture development. 

By merging their strengths, the two companies seek to set global benchmarks for sustainable aquaculture practices. 

Saudi Fish Company brings its decades-long expertise in fisheries, seafood manufacturing, and retail, while Aqua Bridge Farms contributes cutting-edge knowledge in aquaculture solutions and marine environmental management. 

Sign up HERE to receive our email newsletters with the latest news updates and insights from Africa and the World and follow us on our WhatsApp channel for updates.