April 7, 2016

Gadus sold to Icelandic seafood companies

Icelandic Group has signed an agreement in relation to the sale of its Belgian subsidiary, Gadus, to Iceland based company, Steinasalir.

Gadus is a leading processing, sales and distribution company for fresh fish products. Key species are salmon and cod, sold to retailers and cash & carry chains in Belgium. Gadus handles and produces ~7.000 tonnes of products annually and employs ~130 people.

Steinasalir is owned by established Icelandic seafood companies, including Saemark Seafood, Fishproducts Iceland, and Akur, an Icelandic based private equity fund. The buyers aim to further promote sales and marketing of high quality seafood in Belgium and Central Europe.

The Gadus sales process, announced by the Board of Icelandic Group last January, received significant interest from multiple parties. Íslandsbanki Corporate Finance acted as the advisor to Icelandic Group while Deloitte represented Steinasalir.

Herdís Dröfn Fjeldsted, Chairman of the Board of Icelandic Group and CEO of the Enterprise Investment Fund: “Icelandic Group acquired Gadus in 2012 with the primary aim of opening up a new market area for Icelandic seafood products. Direct ownership of Icelandic seafood companies in Gadus is a very positive step, providing further opportunities to promote the image and value of Icelandic seafood in Central Europe.  We congratulate Steinasalir on the acquisition”

Sigurður Gísli Björnsson, CEO of Saemark Seafood: “Gadus is a very exciting investment opportunity to grow internationally.  A key aim for us is to ensure that the Icelandic seafood industry continues to possess a whole value chain from catch to consumer. Direct access to consumer markets is an important component to maximize the value of Iceland´s resources.”