|
Fish processing plant belonging to ISI. (Photo: Iceland Seafood International)
Iceland Seafood International acquires Solo Seafood
(ICELAND, 8/1/2018)
Iceland Seafood International (ISI) announced that, after settling the final terms, it has formally signed the sales and purchase agreement to acquire Solo Seafood ehf, the sole owner of Icelandic Iberica and Ecomsa in Spain and Achernar in Argentina.
The acquisition, which is a proof of its strategy of acquiring strong value-added companies in key markets, is subject to certain conditions such as required approval by the shareholders of ISI, banking approvals as well as any competition authorities approval.
Solo Seafood is a company owned by Sjávarsýn, FISK Seafood, Jakob Valgeir and Nesfiskur and Icelandic Iberica‘s Managing Director, Hjörleifur Ásgeirsson. The three mentioned seafood companies hold a significant percentage of the national fishing quotas in Iceland. The combined vendor group will become long-term shareholders and suppliers of ISI.
Icelandic Iberica is one of the leading seafood companies in the South European market with turnover of EUR 120 million and pre-tax profits in excess of EUR 4 million with a projected 2018 outturn of more than EUR 4.7 million at pre-tax level.
The firm offers products including cod, Argentinian shrimp, cuttlefish and hake and has a processing capacity in Spain and Argentina, the company has seen strong growth in sales and profit in the last few years.
The acquisition produces in combination a Group with sales of more than EUR 400 million, delivering in excess of EUR 10 million in proforma pre-tax profits for 2018 with material synergy benefits and growth within the combined business still to be added.
On completion of the transaction ISI will operate seven value added factories globally.
The ISI shareholding of Fisk Seafood, Jakob Valgeir and Nesfiskur, all major players in the Icelandic seafood industry who collectively represent over 10 per cent of the Icelandic quota, operating 8 processing factories in Iceland creates a fully integrated seafood supply chain serving over 45 countries and more than 3000 customers around the world.
The Parties expect completion to occur within the next 4-7 weeks. The group will in due course consider a main market listing.
[email protected]
www.seafood.media
Information of the company:
|
Address:
|
Kollunarklettsvegur 2
|
|
City:
|
Reykjavík
|
|
State/ZIP:
|
(104)
|
|
Country:
|
Iceland
|
|
Phone:
|
+354 550 8000
|
|
Fax:
|
+354 550 8001
|
|
E-Mail:
|
[email protected]
|
More about: 
|
|
|
|
Print
