Reykjavík, April 7th, 2017

Icelandic Group has signed an agreement in relation to the sale of its Belgian subsidiary, Gadus, to Icelandic based company, Steinasalir.

Gadus is a leading processing, sales and distribution company for fresh fish products. Key species are salmon and cod, sold to retailers and cash & carry chains in Belgium. Gadus handles and produces ~7.000 tonnes of products annually and employs ~130 people.

Steinasalir is owned by established Icelandic seafood companies, including Saemark Seafood, Fishproducts Iceland, and Akur, an Icelandic based private equity fund. The buyers aim to further promote sales and marketing of high quality seafood in Belgium and Central Europe.

The Gadus sales process, announced by the Board of Icelandic Group last January, received significant interest from multiple parties. Íslandsbanki Corporate Finance acted as the advisor to Icelandic Group while Deloitte represented Steinasalir.

Herdís Dröfn Fjeldsted, Chairman of the Board of Icelandic Group and CEO of the Enterprise Investment Fund: “Icelandic Group acquired Gadus in 2012 with the primary aim of opening up a new market area for Icelandic seafood products. Direct ownership of Icelandic seafood companies in Gadus is a very positive step, providing further opportunities to promote the image and value of Icelandic seafood in Central Europe. We congratulate Steinasalir on the acquisition”

Sigurður Gísli Björnsson, CEO of Saemark Seafood: “Gadus is a very exciting investment opportunity to grow internationally. A key aim for us is to ensure that the Icelandic seafood industry continues to possess a whole value chain from catch to consumer. Direct access to consumer markets is an important component to maximize the value of Iceland´s resources.”

About Icelandic Group:

    • The Enterprise Investment Fund (EIF) owns a 100% share in Icelandic Group. The EIF is an investment fund in ownership of sixteen Icelandic pension funds, Landsbankinn and VÍS.
    • Icelandic Group is the owner of the “Icelandic” and “Icelandic Seafood” brands, managing all marketing for the brands in addition to providing various services to license holders and other producers in Iceland. The company´s primary partners are Solo Seafood and Highliner Foods, which sell high quality seafood products under the “Icelandic Seafood” brand. All products sold are subject to strict quality standards and quality control, resulting in a leading position of the brand in seafood.
    • Solo Seafood, owner of Ibérica in Spain, is one of the primary sellers and distributors of lightly salted Icelandic Cod. Ibérica provides products to over 4.000 customers in five countries in Southern Europe.
    • Canada based Highliner Foods, one of the primary seafood producers in North America, is a license holder for the “Icelandic Seafood” brand, providing frozen seafood products to hotels and restaurants in North America.
    • Icelandic Group is a holding company for its UK based subsidiary, Seachill, specializing in sales and production of quality seafood to retailers. Seachill´s revenues totalled GBP 266 million in 2016.

For further information, please contact:
The Icelandic Group
Attn: Sara Lind Þrúðardóttir
Phone: +354 852 8804
Email: sara@icelandic.is