September 9, 2016

Icelandic Group sells Icelandic Ibérica

Icelandic Group sells Icelandic Ibérica to producers in Iceland

Icelandic Group has signed an agreement in relation to the sale of its Spanish subsidiary, Icelandic Ibérica, to Solo seafood ehf. The company´s primary brand, ´Icelandic Seafood´ is not included in the sale.

Solo seafood is owned by established Icelandic seafood companies that are among Icelandic Ibérica’s main suppliers. These companies, which include Fisk-Seafood, Jakob Valgeir and Nesfiskur, have supplied seafood to restaurants in Southern Europe, via Icelandic Ibérica, for years. The buyers aim to further promote sales and marketing of Icelandic seafood under the ´Icelandic Seafood´ brand in Southern Europe. In addition to the purchase agreement, Icelandic Group and Solo seafood have signed a brand licensing agreement, securing Solo seafood exclusive utilization rights of the ´Icelandic Seafood´ brand in Southern Europe. Hjörleifur Ásgeirsson, who has been Icelandic Ibérica’s CEO for the past 20 years, will maintain his role post-acquisition.

The Board of Icelandic Group announced the launch of the sales process for Icelandic Ibérica last spring. Multiple entities expressed an interest in the company during the sales process, which resulted in Icelandic Group entering into exclusive discussions with Solo seafood. The purchase agreement is subject to approval from The Central Bank of Iceland and the Spanish Competition Authorities.

Íslandsbanki Corporate Finance acted as the advisor to Icelandic Group while KVIKA Corporate Finance represented Solo seafood.

Herdís Dröfn Fjeldsted, Chairman of Icelandic Group’s Board and CEO of the Enterprise Investment Fund: „We are pleased with the result and believe that ownership by Icelandic producers provides an opportunity to further increase the value of seafood originating from Iceland sold under our established ´Icelandic Seafood´ brand.”

About Icelandic Ibérica

  • Icelandic Ibérica, one of four subsidiaries of Icelandic Group, is one of the largest seller and distributor of lightly salted cod from Iceland, as well as other frozen marine products. 
  • The company sells marine products to more than 4,000 customers in five countries in Southern Europe.
  • Icelandic Ibérica’s revenues totalled over EUR 100 million in 2015 and the company employs approximately 140 people.

About Icelandic Group

  • Icelandic Group is a holding company for subsidiaries in Britain, Belgium, Spain and Iceland, all of which specialize in the production and sale of seafood.
  • Icelandic Group’s turnover in 2015 was approximately EUR 500 million.
  • A new subsidiary of Icelandic Group, ITH (Icelandic Trademark Holding), is the registered owner of the „Icelandic“ and „Icelandic Seafood“ brands. ITH will manage all marketing for the brands in addition to providing various services to the licence holders and other producers in Iceland.
  • In the United States the company has a partnership with Highliner Foods, a licence holder for the brand, selling products to hotels and restaurants under the established ´Icelandic Seafood´ brand.
  • The Enterprise Investment Fund (EIF) owns a 100% share in Icelandic Group, the parent company of Icelandic Ibérica. EIF is an investment fund in ownership of sixteen Icelandic pension funds, Landsbankinn hf. and VÍS hf.

About Solo seafood

Solo seafood is a new entity, established in relation to the investment in Icelandic Ibérica. Solo seafood’s owners are Fisk-Seafood ehf., Jakob Valgeir ehf., Nesfiskur ehf. and Sjávarsýn ehf..

Further information will be provided by:

The Icelandic Group
Contact: Sara Lind Þrúðardóttir
Phone: +354 852 8804