Captain Fresh acquires Spain-based tuna processor Frime

Bengaluru-based seafood supply chain company Captain Fresh has completed the acquisition of Spain based tuna processor Frime. The deal strengthens its presence across key global seafood categories.

Founded in 1977 and headquartered in La Roca near Barcelona, Frime specialises in premium yellowfin tuna and serves retail and foodservice customers across 33 countries. The company generates more than €180 million ($213 million) in revenue and holds over 20% share of Europe’s yellowfin tuna market.

With this acquisition, Captain Fresh expands its multi species portfolio and gains a major processing footprint in Europe. Frime operates four production sites across seven factories with an annual processing capacity of 15,000 tonnes of frozen products, 9,000 tonnes of fresh tuna and 3,800 tonnes of semi-preserved products. The company recently invested €50 million ($59 million) in modern processing facilities in Barcelona.

Captain Fresh said that the acquisition strengthens its presence across three large seafood categories including crustaceans, salmon and tuna. The company plans to scale Frime’s tuna through its distribution network in the United States and expand its crustacean and salmon portfolio across Europe.

Frime’s leadership team, including chairman Salvador Ramon Mateo and CEO Pablo Múgica, will continue to lead the company within the Captain Fresh group.

The development comes months after Captain Fresh withdrew its draft red herring prospectus filed with the Securities and Exchange Board of India. The company took this step to facilitate closure of a material acquisition and maintain flexibility in its capital structure.

Captain Fresh has expanded globally through acquisitions. In 2024, it acquired Poland based salmon company Koral to strengthen its presence in the European salmon market. Earlier, it acquired US based seafood importer CenSea and France based seafood distributor Senecrus.

According to its FY25 financials, Captain Fresh reported a 2.5X jump in gross merchandise value to Rs 3,421 crore in FY25 from Rs 1,395 crore in FY24. The company also posted a net profit of Rs 42 crore compared to a loss of Rs 229 crore in the previous year.