Iceland-based seafood company Icelandic Group has entered into an agreement to sell its Spanish subsidiary Icelandic Ibérica to Solo Seafood for undisclosed sum.
Solo Seafood, which is owned by Icelandic seafood companies, is one of the main suppliers to Icelandic Ibérica.
The companies, which include Fisk-Seafood, Jakob Valgeir and Nesfiskur, have been the suppliers of seafood to restaurants in Southern Europe, via Icelandic Ibérica, for years.
However, the company´s primary brand Icelandic Seafood is not included in the sale.
Icelandic Group said in a statement: “The buyers aim to further promote sales and marketing of Icelandic seafood under the ´Icelandic Seafood´ brand in Southern Europe.”
Besides, Icelandic Group and Solo Seafood have signed a brand licensing agreement to gain Solo Seafood exclusive utilization rights of the ´Icelandic Seafood´ brand in Southern Europe.
After the completion of the acquisition, Hjörleifur Ásgeirsson current CEO Icelandic Ibérica will continue in his role.
The transaction is subject to approval from The Central Bank of Iceland and the Spanish Competition Authorities.
While Íslandsbanki Corporate Finance acted as the advisor to Icelandic Group in the transaction, KVIKA Corporate Finance represented Solo seafood.
The group said: “The Board of Icelandic Group announced the launch of the sales process for Icelandic Ibérica last spring. Multiple entities expressed an interest in the company during the sales process, which resulted in Icelandic Group entering into exclusive discussions with Solo seafood.”
Icelandic Ibérica sells marine products to over 4,000 customers in five countries in Southern Europe. Employing 140 people, it earned a revenue of €100m last year.
Icelandic Group had initiated the formal process to sell its Spanish business Icelandic Iberica in May this year.
