The company will pay USD 230.89 million to take control of the subsidiary.
Cooke Aquaculture announced that it has executed a memorandum of understanding (MoU) under which the company will acquire from the lenders thereof the existing debt facilities of Avramar Aquaculture, Andromeda, Perseus and Avramar Commercial and Logistics -collectively named Avramar Greece-, a leading marine aquaculture producer of sea bass and seabream in the Mediterranean country. Together with Cooke’s existing agreement to acquire the equity of Avramar Greece, upon closing, Cooke will acquire operational control of Avramar Greece. Cooke will pay USD 230.89 million to take control of the subsidiary.
The original companies comprising the Avramar Greece group were established in 1981, and the company has grown to become a leader in Mediterranean aquaculture. It is a vertically integrated operation, which includes hatcheries, marine farm sites, processing and packaging facilities, and feed production operations. The company’s sustainability certifications are recognized by the Global Sustainable Seafood Initiative (GSSA) and Global Food Safety Initiative (GFSI).
The acquisition is subject to definitive documentation and customary closing conditions and is expected to close at the earliest opportunity.
The Largest Private Family-Owned Seafood Company in the World
Cooke Aquaculture was established in 1985 by the Cooke family in New Brunswick, Canada. From humble beginnings of one farm site and 5,000 salmon, Cooke is the largest private family-owned seafood company in the world employing 13,000 people worldwide. The Cooke family of companies operate global aquaculture and wild fishery divisions in 15 countries providing a sustainable seafood source reaching tables all over the world. Cooke’s core purpose is to “cultivate the ocean with care, nourish the world, provide for our families, and build stronger communities”.
Expansion of Liverpool Bay Salmon Farm, approved
On the other hand, and some weeks before of the announcement, Kelly Cove Salmon welcomed the Nova Scotia Aquaculture Review Board’s (ARB) decision, approving the lease boundary amendment and expansion for salmon farm AQ1205, located offshore from Coffin Island in Liverpool Bay.
Kelly Cove has operated the farm since 2011 in compliance with the government’s Environmental Monitoring Program. The approval allows Kelly Cove to add 6 cages to the site for the culture of Atlantic salmon bringing the total number of cages to 20.
“Our members are very pleased to see the salmon farm expansion approval. As sea farmers, we are focused on providing sustainable meals grown right here at home. Supporting and encouraging growth in our resource sectors strengthens rural and urban parts of our province. We look forward to future ARB decisions that will help guide investment within the aquaculture sector, and our province,” said Jeff Bishop, Executive Director, Aquaculture Association of Nova Scotia.
For his part, Joel Richardson, Vice President of Public Relations for Cooke Aquaculture, parent company of Kelly Cove, commented: “The week-long ARB public hearing in October was rigorous and brought together input from multiple stakeholders and intervenors,” said Joel Richardson, Vice President of Public Relations for Cooke Aquaculture, parent company of Kelly Cove. “We appreciate that the Board allowed the time necessary for everyone to make presentations, ask questions and gain an understanding of how our aquaculture farming works.”
In its decision, the ARB concluded that it is satisfied that there will be no negative, or any, impact of this amendment on any of the statutory conditions. The ARB further concluded that the re-drawing of the boundary to encompass the infrastructure, as well as adding six new cages, represents the optimum use of marine resources, in that the site will be used to efficiently produce thousands of kilograms of food.
According to Cooke, this farm makes a genuine contribution to community and Provincial economic development. “The existing farm does not cause significant negative impacts to other fishery activities in Liverpool Bay. The oceanographic and biophysical characteristics of the public waters surrounding the proposed aquacultural operation are suitable for salmon aquaculture. And the proposed expansion will not have a negative impact on the other users of the public waters surrounding the proposed aquacultural operation”, they assured.
