Captain Fresh acquires Polish salmon manufacturer Koral

Bengaluru-based seafood supply chain firm Captain Fresh has acquired Polish salmon supplier Koral, the company said. 

The Tiger Global-backed company has signed an agreement with Abris Capital Partners, the private equity investor which holds a majority stake in Koral, and the company’s founder Boguslaw Kowalski. 

Koral manufactures smoked salmon products that are sold across Poland and international markets under the brand SuperFish. It has 26 production lines, processing 120 tons of fish daily.

This is Captain Fresh’s third acquisition this year. Earlier, it acquired CenSea, an American importer of frozen seafood and Senecrus, a French shrimp cooker and distributor.

The acquisition of Koral marks Captain Fresh’s entry into the coveted salmon market, estimated at $33.5 billion in 2024, according to a report by Mordor Intelligence. 

Justyna Frankowska, currently a management board member at Koral, will take the role of chief executive officer post the acquisition.

“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.

Abris Capital Partners, an ESG transformation specialist private equity fund manager which has nearly $1.2 million in investment capital, is fully exiting its ownership of Koral after purchasing it in 2017.

“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,” Kamil Gajdziński, an investment manager at Abris, commented. 

The companies did not disclose the financial details of the agreement. 

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 $650-700 million.