Captain Fresh, a prominent player in the Indian seafood sector, has finalized an agreement to acquire the Spanish tuna company Frime, enhancing its footprint in the global food and beverage industry. However, the financial specifics of this acquisition have not been disclosed.
Frime has a rich history, having been established in 1937 at Barcelona’s La Boqueria Market by Jesús Ramon Gómez, with his son Salvador Ramon Gràcia officially launching the brand in 1977. When approached for insights regarding the specific assets involved in the acquisition, Captain Fresh opted not to comment.
The completion of this strategic move is contingent upon securing regulatory approvals along with meeting standard closing conditions. “Once the transaction is completed we’ll be better placed to share our official comments,” noted the yellowfin tuna specialist.
Captain Fresh characterized the acquisition as a “watershed moment” in its evolution, stating it would enable the company to achieve “immediate Mediterranean dominance.” CEO Utham Gowda previously emphasized to Just Food that both the U.S. and Europe are pivotal markets for their business and will remain focal points in the coming three to four years.
“Our strategy does not involve entering new markets,” Gowda clarified. “Instead, we aim to deepen our existing market presence.” He added that they plan to explore additional channels within the current markets, with a strong emphasis on the foodservice trend in the U.S. and a forthcoming focus on retail channels.
Captain Fresh maintains its European presence through subsidiaries Senecrus and Koral, which operate two seafood processing facilities. Koral, located in Kukinia, Poland, specializes in smoked fish, particularly cold- and hot-smoked salmon, serving retailers in Poland and Germany. Captain Fresh acquired Koral in July last year from private-equity firm Abris Capital Partners, which also secured an undisclosed stake in Captain Fresh during the deal.
Senecrus, headquartered in Rungis, France, specializes in the production and distribution of cooked shrimp, with a supply chain that includes farm-raised Vannamei shrimp sourced from Central America and Asia, catering to supermarkets and wholesalers across France.
Founded in 2020 in Bengaluru, India, Captain Fresh began as a technology-driven platform aimed at enhancing the fish and seafood supply chain. Recently, it has expanded its portfolio with branded products, including shrimp, salmon, crab, and lobster, supported by acquisitions such as CenSea, Senecrus, and Koral.
In February, CenSea, part of Captain Fresh, acquired Ocean Garden, further solidifying its influence in the seafood import and distribution landscape. This acquisition brought together two leading U.S. seafood importers: CenSea, known for Asian shrimp, and Ocean Garden, which specializes in Mexican and Ecuadorian shrimp.
Through this deal, CenSea broadened its portfolio to include well-known brands such as Ocean Garden, Compass, Asian Garden, and Pride of Mexico.
In summary, Captain Fresh’s strategic acquisition of Frime not only bolsters its commitment to being a leader in the food and drink business but also reflects broader trends in the food and beverage industry, underscoring the importance of growth through strategic partnerships and market expansion.