Captain Fresh expanding its offerings with purchase of Spain tuna giant Frime

India-based seafood marketplace Captain Fresh has reached an agreement to purchase 100 percent of Barcelona, Spain-based tuna company Frime.

Frime, founded in 1937, specializes in yellowfin tuna products imported from around the world. The company operates several factories in Barcelona processing tuna into different products with a specialization in loins and slices, Frime President Salvador Ramon told SeafoodSource during the 2024 Seafood Expo Global.

El Economista reported the company has a turnover of EUR 180 million (USD 211 million) and produces 15,000 metric tons (MT) of tuna each year from its facilities.

Antarctica Advisors Managing Partner Ignacio Kleiman told SeafoodSource his firm was the exclusive sell side adviser to Frime and that the company was looking to capitalize on its recent post-Covid success and continue its expansion trajectory.

“The company went through a very strong growth phase,” Kleiman said. “Essentially, they realized there was a good opportunity to join a stronger group because these days, larger is better – particularly because they wanted to expand further outside Spain.”

Captain Fresh’s acquisition of Frime gives it an avenue into the tuna market, and in turn, Frime can capitalize on the market access Captain Fresh has built in the U.S.

Kleiman said Captain Fresh found like-minded management when it met with Frime. Frime’s management has focused on new technology and modern processing equipment and runs one of the most advanced tuna-processing facilities in the world in Barcelona.

“They [Captain Fresh] met the people at Frime, and they were extremely impressed by the company’s culture; both shareholders and managers are very progressive and outward looking,” Kleiman said.

Ramon told SeafoodSource in 2024 that he was aiming to put lots of money into new technology, including a “white room” that allowed it to be a provider of raw tuna products.

“We have a lab in the room [where] we can analyze something like 100 samples of histamines every 20 minutes. That means we have very high quality controls,” he said at the time. “We can guarantee to the final customer that you can eat this raw. That is a big innovation.”

Kleiman said the acquisition is 100 percent from an economic point of view, but Frime will remain a relatively independent entity.

“All of the management is staying put because they’re going to integrate with Captain Fresh’s operations all over the world, and the majority shareholder is staying put as well because he believes in the project and likes the Captain Fresh people,” Kleiman said. “The deal is struck, and it is now in antitrust approvals in Spain, which we expect will happen shortly.”

The move to acquire Frime follows other acquisitions Captain Fresh has made in the seafood space.

It acquired Central Seaway Company (CenSea) in early 2024, giving it access to one of the largest shrimp importers in the U.S. It later acquired Polish salmon smoker Koral in July 2024, making its first foray into the salmon market.

 

SOURCE: seafoodsource.com

India’s Captain Fresh inks deal to buy Spanish tuna processor

Captain Fresh agreed to acquire Spanish tuna processor Frime, whose family‑owned business has 21,000‑m² facilities and 15,000‑ton frozen tuna capacity, giving the Indian startup a multi‑species platform and roughly €180 million in annual revenue

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Antarctica Advisors Acts as Exclusive Investment Banking Advisor to United States Seafoods in its Balance Sheet Restructuring

December 12, 2025 – Antarctica Advisors LLC, the leading Seafood Industry-focused investment banking advisory firm, acted as the exclusive advisor to the well-established Alaskan multispecies groundfish fishing and processing company USS Group, L.P. who together with its affiliates does business as United States Seafoods (“U.S. Seafoods”).
Based in Seattle, WA, U.S. Seafoods was established in 1998 and has since grown into a premier multispecies harvester and producer of Alaskan groundfish. With access to over 100,000 metric tons of available quota rights, U.S. Seafoods holds one of the largest portfolios of multi-species groundfish trawl permits in the Alaskan fishery. Having endured a perfect storm of events — including the 2019 U.S.–China tariffs, the COVID-19 pandemic, and subsequent labor market challenges — the company engaged Antarctica Advisors to assist with the restructuring of its balance-sheet in order to boost cash flow and enhance flexibility. Antarctica Advisors worked to articulate management’s turnaround plan through detailed financial modeling and then engaged the capital markets in discussions centered around the significant value of the company’s assets, resulting in a long-term refinancing solution.

Matthew Doherty, President and Chief Executive Officer of U.S. Seafoods commented: “The refinancing strengthened our balance sheet with long-term debt that provides us the ability to reinvest a greater portion of our cash flow into our operational capabilities. Antarctica Advisors played a key role in helping potential investors and lenders to understand the considerable asset value of our fishing quota and fleet which was key to securing the refinancing.”

C.J. Arrigo, Director at Antarctica Advisors, commented: “U.S. Seafood’s position in the multi-species groundfish sector is unique in that it fishes in a wide variety of the regulated Alaskan fisheries. Its sizable quota portfolio is valuable in that it provided operational flexibility beyond many of its peers. Articulating this story to the market helped open a new chapter for this storied company and keeps it independently owned, by the fishermen who founded it.”

U.S. Seafoods operates an integrated trawl vessel fleet that includes 2 catcher processor vessels, and 4 catcher vessels, representing the largest limited access catcher vessel fleet in the Bering Sea and Aleutian Islands. Antarctica Advisors is the leading U.S.-based, independent investment banking firm providing corporate clients in the global Seafood Industry with specialized M&A, strategic advisory, and capital raising services. The firm’s highly specialized Seafood Team is comprised of professionals with significant knowledge across the Seafood Industry, as well
as a proven track record of successful transaction execution.

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Antarctica Advisors LLC is a licensed broker-dealer, member of FINRA and SIPC.

For further information contact Charles Arrigo, Antarctica Advisors LLC, Carrigo@antarcticallc.com or visit www.AntarcticaLLC.com