Iceland-based seafood company Icelandic Group has begun the process of divesting its subsidiary Gadus in Belgium.
It was in 2012 that Icelandic had acquired Gadus for an undisclosed price. The decision to sell Gadus by Icelandic Group follows the latter’s agreement in December 2016 to sell another subsidiary Ný-Fiskur to Nesfiskur.
Gadus which is claimed as the second largest fish processor in Belgium in the fresh fish category has been in business for more than 25 years.
The company produces and sells fresh seafood to retailers and wholesalers. Its fish products include cod and salmon.
With a workforce around 130 employees, Gadus had earned nearly €83m last year.
The Belgian fish processor claims to sell around 7,000 tonnes of fish products yearly and is also a leading provider for big retail and cash and carry chains.
In 2015, Gadus had signed an exclusive supply contract with an unnamed major retailer besides stating to have successful and longstanding relationships with both suppliers and customers alike.
Icelandic Group has roped in Íslandsbanki Corporate Finance to carry out the sale of all the Gadus shares.
In September 2016, Icelandic Group made another divestiture move by agreeing to sell frozen fish products distributor Icelandic Ibérica, its Spanish subsidiary for an undisclosed amount.
Solo Seafood had been one of the major suppliers to Icelandic Ibérica and is also owned by the Icelandic seafood companies that include Fisk-Seafood, Nesfiskur and Jakob Valgeir.
In 2014, Icelandic Group announced restructuring of its group resulting in a decision to retain only core services. The same year, Icelandic Group acquired Sandgerði, Iceland based fish processing company Ný-Fiskur for an undisclosed price.
