Ice­landic group seals Span­ish deal

Fish Farmer - - News Processing And Retail -

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.

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