Canadian aquaculture company Cooke has signed a memorandum of understanding to acquire the existing debt facilities of Avramar Aquaculture, Andromeda, Perseus, and Avramar Commercial and Logistics from their lenders.
This agreement, combined with an existing deal to acquire the equity of the group, will grant the company operational control of the Greek marine aquaculture producer upon closing.
Based in Athens, the target entities collectively known as Avramar Greece produce sea bass and seabream. The company stated that its vertically integrated operations include hatcheries, marine farm sites, processing and packaging facilities, and feed production.
The group was established in 1981 and has since grown into a major Mediterranean aquaculture participant. Cooke indicated that the acquisition remains subject to definitive documentation and customary closing conditions.
The company also said it expects the transaction to close at the earliest opportunity.
No financial details regarding the value of the debt facilities or the equity acquisition were disclosed by the involved parties.