Apetit Group has agreed to divest its seafood business in Finland, Norway and Sweden to Insula for an undisclosed price.
The divested seafood segment of Apetit is made up of Apetit Kala fish processing business which salmon and rainbow trout fish products in Finland and Maritim Food Group in Norway and Sweden.
Apetit’s seafood operations have 168 employees with 82 in Finland, 71 in Norway and 15 in Sweden.
According to Apetit CEO Juha Vanhainen, the divestiture of the seafood business is to focus on becoming a top vegetable-based food solutions firm in the market.
Vanhainen added: “As a part of this evolution, we have been seeking a capable and professional partner to take responsibility of the strategic development of our seafood business. I’m confident, that as the core business in Insula AS, our seafood business will be able to step up to the next level.
“This will benefit our customers, as well as our personnel in Finland, Sweden and Norway.”
In Finland, the agreement between Apetit and Insula has been structured as a transfer of business while in Norway and Sweden, it will be a share transaction of Maritim Food Group.
Apetit will remain as a minority stakeholder of the seafood business in Finland holding less than 20% interest.
Insula operates in Norway, Sweden and Denmark, serving customers with a range of seafood products in the Scandinavian retail and service market.
The acquisition of Apetit Seafood Finland as per Insula CEO Sigvald Rist gives the Norwegian seafood firm a local platform for growth in the seafood market in Finland.
Rist added: “Finland has high seafood consumption and we see this agreement as a great opportunity to both learn more about and, at the same time, develop the Finnish seafood market further.
“This agreement also supports our aim to strengthen our seafood operations in Sweden and Norway. The product portfolio in Finland, Sweden and Norway complements Insula’s existing seafood business and it will contribute to developing the markets and introducing new products and innovations to our customers."
The transaction which is anticipated to be closed in the third quarter is subject to a clearance from the Norwegian competition authorities and also on meeting of other terms and conditions.
