- Case Study
Aqua Bridge’s $340 Million Acquisition of Avramar
How Jazaa Helped Structure and Secure a Complex Cross-Border Deal
About the Client
Aqua Bridge is one of the largest aquaculture companies in the UAE. It provides consulting and integrated aquaculture services across the Middle East.
In 2024, the company decided to expand into Europe by acquiring Avramar, a Greek-based leader in Mediterranean aquaculture. The deal was worth $340 million. Avramar operates across the full value chain: feed, farming, processing, and exports, and is one of the top suppliers of Mediterranean fish to European markets.
Why the Acquisition Made Sense
Aqua Bridge pursued this deal for three main reasons:
- Better margins through Avramar’s full value chain.
- Market entry into the European Union via an established player.
- Technology and know-how from Avramar’s advanced farming practices and R&D.
The Challenges
The transaction came with significant hurdles:
Cross-border rules
Different jurisdictions, regulations, and banking partners.
Overloaded data rooms
Thousands of documents, many in local languages.
Valuation doubts
Ensuring the $340M price was realistic and sustainable.
Hidden risks
Liabilities, financial exposures, and integration pitfalls.
Negotiation pressure
Balancing advisors, banks, and Avramar’s management.
Jazaa’s Contribution
Jazaa is guiding the client through an ongoing financial transformation:
1. Assessing the Deal
- Reviewed Avramar’s fundamentals, market position, and growth potential.
- Built valuation models (DCF, comparables, and synergy-based).
- Prepared a non-binding offer supported by numbers.
2. Managing Due Diligence
- Validated financials: revenue quality, EBITDA, and net debt.
- Checked tax exposures, contracts, and corporate structures.
- Flagged risks and recommended mitigation steps.
- Organized and simplified VDR documents for quicker decision-making.
3. Structuring and Negotiating
- Adjusted valuation based on findings.
- Helped Aqua Bridge prepare a binding offer.
- Supported negotiations with Avramar and banking advisors.
- Ensured investors and lenders had full visibility.
4. Post-Deal Support
- Set up integration of reporting and cash flow systems.
- Modeled expansion opportunities in Europe.
- Continued as a financial advisor to Aqua Bridge’s leadership team.
Results
- Aqua Bridge successfully closed a $340M acquisition of Avramar.
- Entered the European market with a stronger, de-risked position.
- Managed heavy VDR and cross-border complexity efficiently.
- Gained a clear roadmap for integration and future growth.
- Secured ongoing CFO-level financial support.
Takeaway
Cross-border acquisitions are complex, but they don’t have to be unclear. With the right financial advisory, companies can move confidently from planning to execution.
👉 If your business is planning an acquisition or major investment, Jazaa can help you manage the risks, structure the deal, and focus on growth.
