November 14, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

UAE-based E20 Investment is a food and agribusiness investment firm focused on backing, developing, establishing, and managing food, agricultural production, and processing assets. 

The firm explained that it currently operates through a network of more than a dozen global operating entities, along with several strategic investments in aligned areas with a particular concentration on the geographies of Europe, Central Asia, and Africa. 

E20’s latest investment brings the company to sea bass and bream through the acquisition of a majority stake in Lucky Fish from Mediterra Capital Private Equity. 

Established in 1986, Lucky Fish is one of the largest vertically integrated sea bass and sea bream production and processing companies in Europe. Founded in 1986 and based in Bayrakli Izmir, Turkey, the company’s operations encompass the entire value chain from marine farming to harvesting, value-added processing, and exporting. 

The company’s exceptional farming and processing capabilities, along with its vertically integrated operations, enable it to export 97 percent of its total food sales to the UK, EU, and retail giants in the U.S.

“We are thrilled to announce our investment into Lucky Fish, the leading value-added exporter of sea bass and sea bream from Turkey to Europe,” said Sultan Al Jaberi, Group CEO of E20 Investment. “This strategic investment is in line with our investment thesis of investing in sustainable companies operating in the agribusiness sector. Lucky Fish’s dedication to quality and responsible practices mirrors our own values, making this partnership an exciting and promising venture.”

Al Jaberi continued, “With this acquisition, we look forward to leveraging our global expertise and resources to support Lucky Fish in expanding its reach and further enhancing its position in the market. Our commitment to nurturing this partnership extends beyond financial investment; we are dedicated to actively contributing to Lucky Fish’s continued success.”

Sea bass are a coastal species found in the shallow waters of the Mediterranean, Black Sea, and Atlantic Ocean coastlines, while sea bream is a species of marine and benthic fish (groundfish) found in the Mediterranean Sea, the Red Sea, the Eastern Atlantic Ocean, and near the Canary Islands. These fish are high in protein and nutrients such as magnesium, phosphorus, omega-3 fatty acids, selenium, and vitamin B6, while also being low in saturated fat, making them a good fit with today’s consumer focus on health and wellness as it pertains to their diet.

The sea bass market alone was valued at $3.5 billion in 2020 with expectations that it will see a CAGR of 6.8 percent from 2021 – 2030 to reach a value of $7.9 billion, while the sea bream market holds a current value in 2023 of $8.34 billion with a forecasted CAGR of 9.4 percent to reach a value of $20.5 billion by 2033. 

With such potential to be met, Lucky Fish stated that this investment from E20 will serve to help the company achieve its strategic growth and expansion objectives. 

“This strategic investment by E20 Investment marks an important milestone in our growth story,” said İsmail Aksoy, CEO, Lucky Fish. “With the support of E20 Investment, we are confident that we will be able to grow globally by adding new countries to our target markets as well as increasing our capacity. E20 Investment has given great importance to our capability of delivering premium seafood products to consumers in the developed markets of Europe. I am sure that E20 Investment’s sector expertise and resources will provide us with new opportunities.”

This transaction echoes one from back in 2018, when Dubai-based investment firm SOKOTRA Capital led a consortium to acquire 100 percent of L’Aquaculture Tunisienne (AT), the largest seabass and seabream hatchery and nursery in North Africa, for an undisclosed amount.

At the time, SOKOTRA stated that a goal was to build out a strong portfolio of highly promising agriculture and aquaculture businesses throughout Africa and Southeast Asia, noting its ambitious plans to expand AT’s business across Africa into the Mediterranean basin. 

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

*The content put forth by Global AgInvesting News and its parent company HighQuest Partners is intended to be used and must be used for informational purposes only. All information or other material herein is not to be construed as legal, tax, investment, financial, or other advice. Global AgInvesting and HighQuest Partners are not a fiduciary in any manner, and the reader assumes the sole responsibility of evaluating the merits and risks associated with the use of any information or other content on this site.