Müller secures approval to acquire Polish seafood producer Graal

GERMANY – German dairy giant Unternehmensgruppe Theo Müller has obtained regulatory clearance from Polish competition authorities to acquire seafood producer Graal.

This move is aimed at expanding its presence in the European fish and seafood market.

The deal between Müller and Abris Capital Partners, Graal’s private-equity owners, was first revealed in February 2023.

In a joint statement, both Müller and Abris Capital confirmed the completion of the transaction, with Müller highlighting the acquisition as a pivotal step for the future of Lisner.

Abris Capital, which first invested in Graal in 2017 by acquiring a majority share, has since worked closely with the company’s founder and CEO, Bogusław Kowalski, in executing a full buyout.

During Abris’ tenure, Graal expanded its portfolio, supplying both branded and private-label canned and chilled fish products, along with ready meals under various brands including Graal, Neptun, and Kuchnia Staropolska.

Wojciech Jezierski, a partner at Abris Capital, reflected on the firm’s involvement with Graal, noting the company’s development into a market leader with a diverse product range.

“Our partnership with Graal and Mr. Kowalski has helped establish a dominant player in the sector,” Jezierski said.

Graal currently operates three manufacturing sites and a distribution center in Poland, employing more than 2,200 people.

The company exports its products to over 30 countries and posted sales of 1.6 billion zlotys (US$388 M) in 2022, according to Abris.

The acquisition aligns with Müller’s broader strategy to expand into the seafood sector, particularly in Germany.

Having successfully dominated the dairy industry, Müller is now eyeing growth in the seafood market, which is projected to reach US$8.44 billion in revenue in 2024.

This acquisition is part of Müller’s ambitions to grow its fish-and-deli subsidiary Lisner, which operates in Poland.

Despite a slight decline in Germany’s fish and seafood imports over recent years, the market is expected to grow at a compound annual rate of 3.24% from 2024 to 2029.

In 2022, Germany ranked as the world’s eighth-largest importer of fish and seafood, accounting for 3.2% of the global market.

However, its import volume has seen a slight decrease, dropping from US$6.2 billion (1.2 million tonnes) in 2018 to US$5.8 billion (1 million tonnes) in 2022.