Mediterra Capital sells majority stake in Lucky Fish to UAE-based E20 Investment

Published on
November 14, 2023
Representatives of Lucky Fish at a trade show.

Mediterra Capital has sold a majority stake in Turkish sea bass and sea bream producer Lucky Fish to E20 Investment, a United Arab Emirates-based agribusiness investment firm.

Mediterra, a private equity firm specializing in mid- and small-market investments in Turkey, has EUR 330 million (USD 308 million) under management, and has invested in 19 companies in Turkey since it was founded in 2011. It acquired 100 percent of Lucky Fish in 2013, and since that time, has worked to improve its processes and export capabilities.

Lucky Fish, based in Bayrakli, Izmir, Turkey, was founded in 1986 and has grown to become one of the largest vertically integrated sea bass and sea bream firms in the country. It exports most of its fish to the United Kingdom, European Union, and United States, focusing on fillets and value-added products.

“When Mediterra Capital acquired Lucky Fish in 2013, we recognized its niche position in exporting value-added seafood products to Europe,” Mediterra Capital Founding Partner Murat Erkurt said. “We believe that this collaboration represents a significant milestone for Lucky Fish. Over the past years, Lucky Fish evolved into a leading name in the sea bass and sea bream sector, driven by its dedication to quality and sustainability. With the entry of E20 Investment, we are confident that the company will achieve outpace its historical growth.”

E20 Investment Group CEO Sultan Al Jaberi said his firm’s goal with Lucky Fish is to optimize its operations further and expand its export markets. The firm has a focus on Europe, Central Asia, and Africa.

“This strategic investment is in line with our investment thesis of investing in sustainable companies operating in the agribusiness sector,” Al Jaberi said. “Lucky Fish’s dedication to quality and responsible practices mirrors our own values, making this partnership an exciting and promising venture. 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.”

Lucky Fish CEO ─░smail Aksoy said E20’s investment “marks an important milestone in our growth story.”

“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,” Aksoy said. “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.”

Photo courtesy of Lucky Fish

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