Bengaluru, India-headquartered seafood e-platform Captain Fresh has acquired Koral, a processor and distributor of branded, value-added salmon products based in Gdynia, Poland.
Captain Fresh, a technology platform specializing in the seafood supply chain, has expanded rapidly across India and raised more than USD 100 million (EUR 93 million) in a series of funding rounds. It acquired Senecrus and CenSea, a French shrimp cooker and distributor and one of the largest shrimp importers in the United States, respectively, earlier this year.
“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,” Captain Fresh CEO Utham Gowda said in a press release. “The European market is one of the most exciting 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.”
Gowda has expressed previous interest in entering the salmon market, hoping to secure supply of product with an estimated USD 33.5 billion (EUR 30.8 billion) in annual global sales.
“[An] angle that is interesting for us in Europe is from the product-sourcing side, where salmon is a key product that today we need to build competency in our basket,” Gowda told SeafoodSource in April 2024.
Koral manufactures cold and hot smoked and marinated salmon products sold across domestic and international markets under the SuperFish brand. The company has 26 production lines, processing 120 tons of fish daily, according to Captain Fresh. It was founded by Boguslaw Kowalski, who will stay on post-acquisition; Koral board member Justyna Frankowska will become CEO.
“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,” Gowda said. “With seasoned leaders Boguslaw Kowalski and Justyna Frankowska leading our global salmon strategy, we are gearing up for the next phase of growth.”
ESG transformation specialist private equity fund manager Abris Capital Partners, which has nearly EUR 1.3 billion (USD 1.2 million) in investment capital, is fully exiting its ownership of Koral after purchasing it and Polish fish processor Graal in 2017. Graal sold its canning operations in 2023, leaving Abris with no seafood holdings.
“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,” Abris Investment Manager Kamil Gajdziński said. “We are pleased that we have found the ideal capabilities in Captain Fresh, which will drive international growth and further consolidation in this sector.”
The transaction is subject to the Polish antimonopoly office and other regulatory approvals.
Captain Fresh was founded in 2020 and has quickly grown into one of the world's largest exporters and distributors of fish and seafood, with an estimated USD 650 million to USD 700 million (EUR 645 million to EUR 598 million) revenue run rate. It now sells more than 100 varieties of seafood in more than 30 countries worldwide.
