Sector News

Icelandic Group sells Spanish subsidiary to Icelandic producers

September 12, 2016
Food & Drink

Icelandic Group has signed an agreement for the sale of its Spanish subsidiary, Icelandic Ibérica, which sells and distributes lightly salted cod from Iceland, to a new group of Icelandic producers, Solo seafood ehf.

Through this purchase agreement, which does not include the company´s primary brand, Icelandic Seafood, the buyers aim to further promote sales and marketing of Icelandic seafood under the Icelandic Seafood brand in Southern Europe.

This brand is owned by a new subsidiary of Icelandic Group, Icelandic Trademark Holding (ITH).

“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,” pointed out Herdís Dröfn Fjeldsted, Chairman of Icelandic Group’s Board and CEO of the Enterprise Investment Fund.

Solo seafood is owned by Icelandic seafood companies including Fisk-Seafood, Jakob Valgeir and Nesfiskur, and supplies seafood to restaurants in Southern Europe, via Icelandic Ibérica.

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 purchase agreement is subject to approval from The Central Bank of Iceland and the Spanish Competition Authorities.

Icelandic Ibérica’s revenues totalled over EUR 100 million in 2015 and the company employs approximately 140 people.

Source: FIS

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