Captain Fresh, a seafood processor in India, has acquired Polish salmon peer Koral from private-equity investor Abris Capital Partners. In turn, Warsaw-based Abris will take an undisclosed stake in Captain Fresh, which is located in Bengaluru and supplies shellfish and a range of fish, including salmon and tuna, to retailers in Asia, Europe, and North America.
Abris acquired Koral in 2017 as part of a deal for canned fish company Graal Group in Poland. The investor first took a majority stake before taking full control of Graal with its owner Bogusław Kowalski. Last year, Graal was sold to the Germany-headquartered dairy group Müller, while Koral was retained and carved out as a standalone business.
The Koral management team will remain in place, including Kowalski and Justyna Frankowska. The deal is subject to competition approval in Poland.
Koral, based in Kukinia, was established in 1957 and supplies fresh, frozen, and smoked fish such as salmon, trout, tuna, and halibut. The company’s namesake brand and the SuperFish line are sold into European retail, along with private-label offerings to supermarkets.
Utham Gowda, the CEO of Captain Fresh, highlighted the strategic importance of the acquisition, stating, “This acquisition is a strategic milestone in our mission to become the leading tech-enabled multi-species, multi-origin global seafood conglomerate. The European market offers exciting value-added product opportunities in the seafood industry globally.”
Captain Fresh is backed by investors including New York-based Tiger Global Management, Prosus Ventures in the Netherlands, the UK government’s British International Investment, and Ankur Capital in Mumbai.
Kamil Gajdziński, an investment manager at Abris, expressed optimism about the partnership, saying, “This partnership between Koral and Captain Fresh is further evidence of the fantastic potential of Central European businesses and the growing appetite of international conglomerates for investment opportunities in the region. We are pleased to have found the ideal partner in Captain Fresh, which will drive international growth and further consolidation in this sector.”