Aqua Bridge Group Expands in the Mediterranean with Acquisition of AVRAMAR’s Greek Operations – In a move set to reshape the Mediterranean aquaculture industry, Aqua Bridge Group, a Dubai-based company, has officially acquired the Greek assets of AVRAMAR, one of the region’s largest fish farming operations. This acquisition comes at a critical time, as AVRAMAR has faced financial turmoil in recent years, struggling with declining sales and rising inflation.
With this strategic acquisition, Aqua Bridge Group aims to stabilize operations, introduce innovation, and position itself as a leader in sustainable aquaculture. The deal also signals a significant shift in the Mediterranean fish farming sector, ensuring that Greece maintains its stronghold as a key player in global seafood production.
The Rise and Struggles of AVRAMAR
AVRAMAR has been a dominant force in Mediterranean aquaculture, with a strong presence in both Greece and Spain. The company employs approximately 2,300 people in Greece, operating across a vast network of hatcheries, feed manufacturing plants, fish farms, processing and packaging facilities, and logistics centers. Its Greek operations alone contribute to 70% of its total production, with an annual capacity exceeding 170,000 tonnes.
However, despite its industry prominence, AVRAMAR has struggled financially in recent years. The company faced mounting pressure due to:
– Declining sales in key markets
– Rising operational costs fueled by inflation
– Debt accumulation, creating liquidity challenges
While AVRAMAR’s Spanish division managed to secure refinancing, its Greek operations required a more comprehensive restructuring plan. The company’s financial distress made it essential to seek a strategic investor capable of reviving its operations.
A Competitive Bidding Processes
To facilitate the restructuring, Deloitte was appointed as the financial advisor. Three major investors submitted binding offers for AVRAMAR’s Greek assets:
1. Atitlan – A Spain-based investment firm with interests in agriculture and food production.
2. Diorasis – The primary shareholder of Philosofish, another key player in Mediterranean aquaculture.
3. Aqua Bridge Group – A Dubai-based company focused on expanding its presence in the global seafood industry.
After a detailed review of the proposals, Deloitte selected Aqua Bridge Group’s offer as the most beneficial for AVRAMAR’s long-term future.
Key Terms of the Acquisition
The deal includes a significant financial restructuring, aimed at restoring AVRAMAR’s stability. The main terms of the acquisition are:
– Liability reduction: Aqua Bridge Group will reduce AVRAMAR’s debts by approximately 70%, excluding a €20 million bridge loan provided earlier this year.
– New investments: Between €60 million and €80 million will be injected into AVRAMAR’s Greek operations to modernize facilities and improve efficiency.
– Operational revitalization: Aqua Bridge aims to implement cutting-edge aquaculture technologies to enhance fish welfare, optimize production, and ensure long-term sustainability.
Leadership’s Vision for the Future
Following the announcement, Mohammad Tabish, CEO of Aqua Bridge Group, shared his vision for AVRAMAR’s transformation. In his statement, he expressed gratitude to Deloitte Greece and JaZaa Business Services, acknowledging their critical support during the due diligence process.
“As we embark on this new chapter, our commitment is to ensure a smooth transition for all stakeholders while fostering innovation and sustainability in Mediterranean aquaculture,” Tabish said.
He further emphasized that Aqua Bridge Group is dedicated to:
– Preserving AVRAMAR’s legacy as a pioneer in the industry
– Enhancing operational efficiency and production capabilities
– Strengthening Greece’s role in the global seafood market
The Broader Impact on Greek and Mediterranean Aquaculture
This acquisition is more than just a corporate transaction; it represents a turning point for the entire Mediterranean aquaculture sector. Greece has long been a leader in seabass and seabream farming, supplying major markets across Europe, the Middle East, and North America.
With Aqua Bridge’s financial backing and strategic expertise, the following industry-wide improvements are expected:
– Job security for AVRAMAR’s 2,300 employees in Greece
– Modernized farming techniques that prioritize sustainability
– Stronger market positioning, allowing Greek aquaculture to compete on a global scale
The acquisition is set to be finalized in early 2025, marking the beginning of a new era for AVRAMAR and Mediterranean fish farming. Aqua Bridge’s leadership has pledged to reshape the sector through innovation, investment, and responsible aquaculture practices.
As the global demand for high-quality, sustainable seafood continues to grow, Greece is poised to reaffirm its status as a top-tier aquaculture hub—now with Aqua Bridge Group leading the charge.
Aqua Bridge Group Expands in the Mediterranean with Acquisition of AVRAMAR’s Greek Operations
