January 15, 2025

UAE-based aquaculture firm Aqua Bridge buys over Greek seabass and seabream assets

Dubai, UAE-based aquaculture company Aqua Bridge has formally announced the acquisition of Avramar's Greek seabass and seabream assets.

Aqua Bridge chief executive officer Mohammad Tabish said in his LinkedIn profile that Aqua Bridge Group is taking a significant step forward in formalising the acquisition of Avramar.

The largest aquaculture producer in the Mediterranean, Avramar, which belongs to US investment fund Amerra and the Mubadala fund of Abu Dhabi, has been affected 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 its 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 Greek fund Diorasis, the main shareholder of Philosofish.

According to banking sources, the proposal from 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 (US$20.6 million) bridge loan provided by banks to Avramar last spring.

- Aquafeed.com