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

The acquisition will allow the Spanish tuna supplier to strengthen its financial position and scale by integrating into Captain Fresh’s global platform.

Indian multinational Infifresh Foodtech, which trades as Captain Fresh, has agreed to acquire a €180 million turnover tuna processor based in Spain, sources told Undercurrent News.

The deal for Barcelona-based Frime has been agreed upon but remains subject to regulatory approval and customary closing conditions, according to sources.

The acquisition will enable Frime to strengthen its financial position and scale by integrating into Captain Fresh’s global platform of seafood processing and distribution companies, as reported by El Economista and confirmed by Undercurrent sources.

Family-owned Frime, which specializes in tuna fillets and portions, reported revenues of €180m (around $ 211m) in 2024 and employs around 500 people. It operates production facilities totaling 21,000 square meters, with processing capacity of 15,000 metric tons of frozen tuna and 3,800t of cephalopods annually. Frime serves customers in more than 30 countries across Europe, the Americas and other international markets.

Utham Gowda, CEO and founder of Captain Fresh, declined to comment to Undercurrent. Executives with Frime could not be reached for comment.

Antartica Advisors was the advisor on the sell side in the transaction, according to Undercurrent sources. Executives with Antartica Advisors also did not reply to a request for comment.

Captain Fresh has built an international portfolio in recent years, including investments in Central Seaway Company (CenSea) and Ocean Garden in the US, Senecrus in France, Koral in Poland and Chopserve, which sells fresh fish in markets such as Angola, India and the United Arab Emirates.

The company has also inked a salmon processing joint venture with Norway’s Sekkingstad, which includes the latter’s Skagerak Processing plant, based in Hirtshals, Denmark.

Captain Fresh swung from a loss to a profit for the 2025 financial year, as it prepares for an initial public offering in 2026, Undercurrent reported.

Frime executives told Undercurrent earlier this year that the aim is to increase its revenue by 15% year-on-year to €200m in 2025 and to reach €250m by 2028.

To achieve this growth, its strategic plan includes expanding its full range across the US and promoting its new raw product line in various markets, they said. Through CenSea and Ocean Garden, Captain Fresh already has a strong distribution network in the US.

“Frime continues to expand in strategic markets such as the US and Europe, strengthening its presence in the food service and retail channels. Its strategic plan through 2028 focuses on attracting talent, growing core sales (high value-added products) and optimizing the use of data, which has led to a reduction in operating costs and improved margins,” Frime executives told Undercurrent earlier this year.

In the US, Frime has had a partnership with Chile’s Compañía Pesquera Camanchaca since 2023. This partnership aims to expand Frime’s tuna sales in North America through Camanchaca’s established brand and sales network.

Following the inauguration of new facilities in La Roca del Valles in 2022 and Mercabarna in 2023 (both in Spain), Frime is currently operating at 60% of its processing capacity, according to the firm.

The company now plans to expand its offerings of value-added products both domestically and internationally, targeting key markets such as Italy, Portugal, the Netherlands, Germany, and the US, which collectively account for 60% of its sales.

In 2024, Frime launched a new range of ready-to-eat tuna products. The new product line features marinated, non-smoked tuna suitable for raw consumption, available in various formats, including loin, chunk, tartare, and carpaccio.

In March 2024, Frime successfully negotiated a debt refinancing agreement worth €72m with a consortium of banks, including credit lines, which later received judicial approval.

Last year, the firm bounced back from losses and aims to further strengthen its profitability this year, as it told Undercurrent earlier this year. For 2024, the Spanish firm’s turnover remained stable y-o-y, but it achieved a net profit of approximately €500,000, according to chief financial officer, Lluis Coll.

 

SOURCE: Undercurrent News