Just Food

Daily Newsletter

15 November 2023

Daily Newsletter

E20 Investment buys majority of Turkey seafood supplier Lucky Fish

E20 said it will be “leveraging our global expertise and resources to support Lucky Fish”.

United Arab Emirates-based E20 Investment has acquired a majority stake in Turkey’s fish processing business Lucky Fish.

The sea bream and bass processor was previously majority-owned by Mediterra Capital Private Equity, a Turkish firm.

Lucky Fish, founded in 1986, employs around 450 people. Exports constitute approximately 97% of total food sales.

E20 said it looks forward “to leveraging our global expertise and resources to support Lucky Fish in expanding its reach and further enhancing its position in the market”.

Sultan Al Jaberi, group CEO of E20, said: “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. 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.”

Lucky Fish CEO İsmail Aksoy said: “This strategic investment by E20 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.

“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.”

The fish company has its head office in Izmir, with processing and fish feed production facilities in Aydin and Mugla.

Despite rising demand for vegan cheese, complex processes and high production costs could limit market growth

Per GlobalData, the global vegan cheese market will be valued at $1.4 billion in 2023 and is expected to grow at a CAGR of 16.7% by 2030, primarily driven by the rise in the vegan and vegetarian population. However, its production often involves more complex processes and expensive ingredients like nuts or plant-based proteins, leading to higher production costs, which are then passed on to consumers, making vegan cheese more expensive per unit compared to dairy cheese, which could thereby impede its widespread adoption.