Bengaluru based seafood supply chain startup Captain Fresh has acquired Spain based tuna processor Frime, strengthening its position across key global seafood categories.
Founded in 1977 and headquartered in La Roca near Barcelona, Frime specialises in premium yellowfin tuna and supplies retail and foodservice customers across 33 countries. The company generates more than €180 million (around $213 million) in revenue and holds over 20% share of Europe’s yellowfin tuna market.
Expanding Global Processing Capabilities
The acquisition significantly enhances Captain Fresh’s processing footprint in Europe while expanding its multi-species seafood portfolio. Frime currently operates four production sites spanning 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 seafood products.
Frime recently invested €50 million in modern processing facilities in Barcelona to strengthen its manufacturing capabilities.
Through this deal, Captain Fresh aims to scale Frime’s tuna products across its distribution network in the United States while simultaneously expanding its crustacean and salmon portfolio across European markets.
Leadership Continuity and Strategic Expansion
Frime’s existing leadership team will continue to manage operations within the Captain Fresh group. Chairman Salvador Ramon Mateo and CEO Pablo Múgica will remain in their roles as the company integrates into Captain Fresh’s global seafood platform.
The acquisition strengthens Captain Fresh’s presence across three major seafood categories crustaceans, salmon, and tuna positioning the company as a diversified global seafood supply chain player.
Acquisition-Led Global Growth
The deal comes months after Captain Fresh withdrew its draft red herring prospectus filed with the Securities and Exchange Board of India, citing the need to complete a material acquisition and maintain capital structure flexibility.
Captain Fresh has been expanding internationally through acquisitions. In 2024, it acquired Poland based salmon company Koral and earlier purchased US seafood importer CenSea and France based distributor Senecrus.
According to its FY25 financials, the company reported a 2.5X jump in gross merchandise value to ₹3,421 crore, while turning profitable with ₹42 crore in net profit compared to a ₹229 crore loss in FY24.
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