Fregata Industries was originally under the command of Alejandro Rojas, who used the company as a front to protect his black market dealings. When Rojas was left to die on the streets on Day 4, 2016 by a group of Task Force 141 members, Volk had taken control of Fregata Industries and their assets.
In association with Vladimir Makarov and the Inner Circle, Volk decided to use the company to transport chemical weapons to many places, including Sierra Leone, Morocco, Spain, Cairo, Damascus, Tripoli and Algiers. Some of the chemical weapons Fregata helped transport were used in the terrorist attacks on October 6, 2016, which took place in Paris, London and Berlin, among other places. Three days after the attacks, Volk was captured in Paris by the Delta Force in conjunction wth the GIGN. With no leader, Fregata Industries eventually ceased to be a company and was eventually dismantled
It is implied that it is a Czech firm as Price says in the "Eye of the Storm" cutscene "I'm en route to their European HQ." Also, the Fregata logos on the shipping crates in "Return To Sender" also show that they originate from Prague.
Fregata means Frigate in Czech and refers to the frigate bird.