Captain Fresh Expands Its Global Reach with Frime Acquisition
Bengaluru-based seafood supply chain entity Captain Fresh has successfully acquired Frime, a tuna processor located in Spain. This strategic move fortifies its presence in key global seafood sectors.
Established in 1977 and located in La Roca near Barcelona, Frime focuses on high-quality yellowfin tuna, catering to retail and foodservice clients in 33 countries. The firm boasts over €180 million ($213 million) in revenue and captures more than 20% of Europe’s yellowfin tuna market.
Through this acquisition, Captain Fresh enriches its multi-species portfolio and secures significant processing capabilities in Europe. Frime operates from four production sites across seven factories, with an annual processing capacity of 15,000 tonnes for frozen products, 9,000 tonnes for fresh tuna, and 3,800 tonnes for semi-preserved items. Recently, the company invested €50 million ($59 million) in modern processing facilities situated in Barcelona.
Captain Fresh noted that this acquisition enhances its standing across three major seafood categories: crustaceans, salmon, and tuna. The firm intends to amplify Frime’s tuna supply through its distribution channels in the United States and broaden its crustacean and salmon offerings throughout Europe.
The leadership team at Frime, including chairman Salvador Ramon Mateo and CEO Pablo Múgica, will continue to guide the company under the Captain Fresh umbrella.
This announcement follows Captain Fresh’s recent decision to retract its draft red herring prospectus submitted to the Securities and Exchange Board of India. This step was taken to facilitate the completion of a significant acquisition and to maintain flexibility within its capital framework.
Captain Fresh has pursued international growth via acquisitions. In 2024, it acquired Koral, a Poland-based salmon company, to enhance its footprint in the European salmon market. Previously, it also acquired CenSea, a seafood importer from the US, and Senecrus, a seafood distributor from France.
In accordance with its FY25 financial outcomes, Captain Fresh reported a remarkable 2.5X increase in gross merchandise value, soaring to Rs 3,421 crore in FY25 from Rs 1,395 crore in FY24. Additionally, the company recorded a net profit of Rs 42 crore in comparison to a loss of Rs 229 crore from the previous fiscal year.
