Icelandic group seals Spanish deal

ICELAND Seafood International (ISI) says it has finalised the acquisition of Solo Seafood (the company which owns Icelandic Iberica), enabling it to become a fully integrated European industry powerhouse.

The deal creates a combined group with sales of more than

€ 400 million. Icelan- dic Iberica is one of the leading seafood suppliers in the southern European market, with a turnover of € 120 million and pre-tax profits in excess of € 4 million.

With its extensive product range, including cod (bacalao), Argentinian shrimp, cuttlefish and hake, and processing capacity in Spain and Argentina, the company has seen strong growth in sales and profit in the last few years.

Solo Seafood is a company owned by various interests comprising Sjávarsýn, Fisk Seafood, Jakob Valgeir and Nesfiskur, along with Icelandic Iberica‘s managing director, Hjörleifur Ásgeirsson.

The combined vendor group will become long term shareholders and suppliers of Iceland Seafood International.

Iceland Seafood International said it will continue its strategy of acquiring strong value added companies in key markets. It will now operate seven factories globally.

ISI has a fully integrated seafood supply chain with 3,000 customers in 45 countries, including Scotland.