Iceland Seafood is set to acquire Solo Seafood
Solo Seafood is owned by Sjávarsýn, an investment company in Iceland and Icelandic Iberica’s Managing Director, FISK Seafood, Jakob Valgeir and Nesfiskur.
Icelandic Iberica has reported a turnover of €120 million in 2017 and pre-tax profits exceeding €4 million and it is expected that its outturn for 2018 will surpass €4.7 million at pre-tax level. The company offers a wide range of products including cod (bacalao), Argentinian shrimp, cuttlefish, and hake. The processing capacity of its units in Spain and Argentina have reported strong growth in sales and profit in the last few years.
“This will be a transformational step for Iceland Seafood International as we will welcome three of Iceland’s major seafood players into the shareholding group of ISI creating an integrated supply chain through to the end customer. At the same time, we continue our strategy of investing in strong well positioned value-added businesses creating synergies and new business opportunities at ISI across Europe and globally,” said Helgi Anton Eiríksson, CEO of Iceland Seafood International, said in a statement.
The enterprise resulted from this acquisition will comprise sales of up to €400 million.
"In addition, with direct raw material access resulting from the vertical integration and control of over 40 thousand tons of quota, the group sales and profit growth are anticipated to benefit significantly in the years to come," Iceland Seafood's statement read.
Iceland Seafood's move to acquire Solo Seafood is part of its expansion strategy which focuses on gaining access to key markets.
After the deal will be finalized, Iceland Seafood will operate 9 factories in 7 countries. According to the company, its shareholding of Fisk Seafood, Jakob Valgeir and Nesfiskur, all major players in the Icelandic seafood industry with combined over 10% of the Icelandic quota and 8 factory operations in Iceland creates a fully integrated seafood group serving over 45 countries and more than 3000 customers around the world.
The deal is subject to certain conditions, including the conclusion of appropriate due diligence review by the parties, required approval by the shareholders of ISI, definitive documentation of the transaction and competition approval in Spain and/or Iceland (if required).
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