Acquisition of Koral
)Captain Fresh continues to strengthen its supply chain and global market reach in the fish and seafood sector through strategic acquisitions.
Captain Fresh, India's leading tech-led seafood supply chain company, is set to acquire Koral, a Poland-based producer and distributor of branded salmon products. Captain Fresh has signed the agreement with Abris Capital Partners ("Abris"), the ESG transformation specialist private equity investor, and Boguslaw Kowalski, the company's founder. The transaction is subject to the Polish antimonopoly office and other regulatory approvals.
Koral manufactures smoked salmon products that are sold across domestic and international markets under the brand SuperFish. The company has 26 production lines, processing 120 tons of fish daily. This marks Captain Fresh's entry into the coveted salmon market, estimated at USD 33.5 billion in 2024, as per Mordor Intelligence Report1.
"We are pleased to welcome Koral to the Captain Fresh group. This acquisition is a strategic milestone in our mission to become the leading tech-enabled multi-species, multi-origin global seafood conglomerate," said Utham Gowda, Group Chief Executive Officer, Captain Fresh.
"The European market is one of the most exciting VAP (value-added product) opportunities in seafood globally. Koral augments our earlier acquisition of France-based Senecrus, adding marquee Polish and German retailer brands to our portfolio of offerings. Koral's 'smoked' format capability complements Senecrus' 'cooking' format capability. We are also thrilled to mark our foray into the salmon value chain, which is one of the largest segments within the seafood industry. With seasoned leaders Boguslaw Kowalski and Justyna Frankowska leading our global salmon strategy, we are gearing up for the next phase of growth," added Gowda.
Currently, a management board member, Justyna Frankowska, will take the role of Chief Executive Officer of Koral post the acquisition.
Kamil Gajdziński, Investment Manager at Abris, commented, "This acquisition of Koral by 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 that we have found the ideal capabilities in Captain Fresh, which will drive international growth and further consolidation in this sector."
Prior to this, Captain Fresh completed the acquisition of CenSea, one of America's largest importers of frozen seafood and Senecrus, a French shrimp cooker and distributor. Founded in 2020, Captain Fresh has established itself as one of the world's largest exporters and distributors of fish and seafood. Backed by major investors, including Tiger Global Management, Prosus Ventures, British International Investment, Z47 (fka Matrix Partners India), Accel, SBI Holdings, Evolvence Group, Ankur Capital and Incubate Fund, Captain Fresh aims to leverage its proprietary tech to create one of the largest seafood platforms in the world. The group is expected to close the current financial year at a revenue run rate of USD 650 to 700 million.
