Icelandic Group Agrees Sale of Seachill to Hilton Food Group

Icelandic Group is pleased to announce the sale for cash of its UK-based subsidiary Icelandic Group UK (“Seachill”), to Hilton Food Group (“Hilton”), a leading specialist international meat packing business for an Enterprise Value of GBP 84 million. The transaction is due to complete on or around 7 November 2017. The Seachill sale process, announced…

Details

Steinasalir finalize the purchase of Gadus

Reykjavík, July 6th 2017 Icelandic Group hf. has finalized the sale of its subsidiary, Gadus, to Steinasalir ehf., with delivery of the company already concluded. The parties had previously announced the signing of a purchase agreement this past April. Steinasalir is owned by Akur fjárfestingar slhf, Brim hf, Fishproducts Iceland ltd, Hraðfrystihús Hellissands hf, Kambur…

Details

Iceland Enterprise Investment Fund pays out ISK 10.2 billion to owners

The Annual General Meeting of the Iceland Enterprise Investment Fund (EIF) was held last Friday, 5 May. A decision was approved at the meeting for the Fund to pay a dividend of ISK 7,000 million to shareholders. In addition, a decision was made to reduce the Fund’s shareholders’ equity by ISK 3,200,000 in nominal value.…

Details

ICELANDIC GROUP INITIATES SALES PROCESS OF SEACHILL

Reykjavík, 21st April, 2017 The Board of Icelandic Group has decided to initiate a sale process for its UK operations, Seachill. Seachill is a leading supplier of chilled fish to the UK retail market. The company has a strong position in its category, offering a total solution to its customers. Founded in 1998, the business…

Details

ICELANDIC GROUP SELLS GADUS TO ICELANDIC SEAFOOD COMPANIES

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…

Details

ICELANDIC GROUP INITIATES SALES PROCESS OF GADUS IN BELGIUM

Reykjavík, January 10th, 2017 The Board of Icelandic Group has decided to initiate a public sale process for its Belgian operations, Gadus. Gadus specializes in the production and sale of fresh seafood to retailers and wholesalers. The company´s history spans over 25 years and Gadus is the second largest fish processor in the Belgian fresh…

Details

ICELANDIC GROUP SELLS NÝ-FISKUR

Reykjavik, December 9 2016 Icelandic Group has reached an agreement for the sale of its subsidiary Ný-Fiskur to Nesfiskur ehf. The company’s trademark ‘Iceland Seafood’ is not included in the sale. The sale of Ný-Fiskur is a part of the Iceland Enterprise Investment Fund’s plan to streamline the operations of Icelandic Group, which is fully…

Details

SALES PROCESS FOR NÝ-FISKUR LAUNCHED

The Board of Icelandic Group hf. has decided to initiate a sales process of its subsidiary, Ný-Fiskur, located in Sandgerði, Iceland. The proposed sale is part of the Company´s strategy to simplify its operations. Ný-Fiskur is one of Icelandic Group’s four subsidiaries, who earlier this month announced the sale of its Spanish subsidiary, Icelandic Ibérica,…

Details

MedicoPack becomes a part of SP Group

MedicoPack A/S, at the latest owned by the Icelandic IEI II ehf, has today been acquired by the listed SP Group A/S, a Danish plastic and coating group. MedicoPack is Manufacturer of primary plastic packaging for the medical and healthcare industries worldwide. Torben Bruhn continues as Managing Director, and the Chief Executive Officer of SP…

Details

N1 sold in full by EIF

The Iceland Enterprise Investment Fund has sold its 20.9% holding in N1. Following the sale the EIF no longer holds any shares in the company. The Fund acquired a 45% share in the company in two transactions in 2011. Since that time, and until the time of the sale, the EIF has been involved in…

Details

Landsbanki sells shares in EIF and entire holdings in IEI

Landsbanki has sold a 9.9% share in EIF (Icelandic Enterprise Investment Fund) slhf. and its entire 27.6% holding in IEI slfh. EIF was split into two companies, EIF slfh and IEI slhf., as of year-end 2013.  The total proceeds from the sale came to just over ISK seven billion and the buyers came from the…

Details

Enterprise Investment Fund returns profit of ISK 7.6 million

The year 2013 was the fourth year of operation of the Iceland Enterprise Investment Fund (EIF), and the result of the year was a profit of ISK 7,636 million, as compared to ISK 6,111 in the preceding year. The Fund’s total assets at year-end amounted to ISK 35.9 billion, as compared to ISK 29.6 at the…

Details

Herdís Dröfn Fjeldsted appointed CEO of Iceland Enterprise Investment Fund

Herdís Dröfn Fjeldsted has been appointed Chief Executive Officer of the Iceland Enterprise Investment Fund (EIF) and will take over next 1 April from Brynjólfur Bjarnason, who recently asked to step down. Herdís has been Chief Investment Officer at EIF since 2010 and has extensive experience from her work on investment and restructuring projects.  She has…

Details

Annual Metting mars 27th 2014

The Enterprise Investment Fund Annual Meeting is on thursday 27th of mars, in Hilton Reykjavík Nordica at 14:00 pm

Remaining shares in Icelandair sold

The Iceland Enterprise Investment Fund (EIF) has sold its remaining 7% share in Icelandair at a price of ISK 6.6 billion. This represents the end of the EIF‘s involvement in Icelandair, as the Fund no longer holds any shares n the company. The EIF acquired a 30% share in Icelandair in 2010 at the price…

Details

CEO to step down following Annual General Meeting

Mr. Brynjólfur Bjarnason, Chief Executive Officer of the Iceland Enterprise Investment Fund, has submitted to the Board of Directors his letter of resignation, effective as of the next Annual General Meeting on 27 March of this year. Mr. Bjarnason took office in early 2012 and has led the EIF through a process of acquisitions and…

Details

Extensive interest in N1 shares

A public offering of shares in N1 that ended last 9 December was significantly oversubscribed, with 7,700 subscriptions received. The offering was in two parts, and 18% of the shares in the company will be sold at ISK 18.01 per share in Order Book B, with 10% sold at ISK 15.3 per share in Order…

Details

IEF sells Vodafone

The Iceland Enterprise Investment Fund (EIF) has sold its entire remaining share in Fjarskipti hf (Vodafone). EIF held just short of 20 percent of the shares in the company, but now no longer holds any interest. Following the sale, Thor Hauksson, Chairman of the Board of Directors and Investment Manager at EIS, has announced that…

Details

Iceland Enterprise Investment Fund returns profit of 6.1 billion

2012 was the third year of operation of the Iceland Enterprise Investment Fund, and profit from the Fund’s operations amounted to ISK 6,111 million, as compared to a profit of 2,343 in the preceding year. Total assets at year-end amounted to ISK 29.6 billion, as compared to ISK 28.2 at the same time in 2011.…

Details

ISK Nine billion paid to shareholders

At a shareholders’ meeting of the Iceland Enterprise Investment Fund GP ehf. (EIF), held on 19 December, a decision was approved to alter the corporate form of the company from private limited company to limited liability company. Immediately following the meeting, a shareholders’ meeting was held of the Iceland Enterprise Investment Fund slhf., where proposals…

Details

Fjarskipti shares oversubscribed by more than double in stock offering

  The open procedure of the offer of shares in Fjarskipti hf. (Vodafone) ended yesterday, 6 December, while the closed procedure ended on 3 December 2012. In the open part of the procedure, which was open to the public, 10% of the shares in the company were offered for sale. Íslandsbanki served as advisor to…

Details

Sale of Plastprent concluded

The Icelandic Competition Authority has approved the acquisition by Kvos of Plastprent from the Iceland Enterprise Investment Fund. An agreement of the sale was signed on 12 July last summer following an open and well arranged divestment process. Reservations were made regarding the transaction which, among other things, included approval by the Competition Authority. All…

Details

Plastprent ehf. in open sale process

The Enterprise Investment Fund slhf. (FSÍ) has entrusted the Corporate Finance division of Straumur Investment Bank hf. to undertake the formal divestment procedure in the prospective sale of all the shares in Plastprent ehf., which is 100% in the ownership of FSÍ. The procedure is open to any interested parties who can demonstrate an investment…

Details

Iceland Enterprise Investment Fund returns ISK 2.3 billion in profit

Press Release from the Iceland Enterprise Investment Fund The year 2011 was the second year of operation of the Iceland Enterprise Investment Fund; the Fund’s profit from operations amounted to ISK 2,343 million, as compared to ISK 700 million in the preceding year. Total assets at year-end amounted to ISK 28.2 billion, as compared to…

Details

Brynjólfur Bjarnason new CEO of the Enterprise Investment Fund

Brynjólfur Bjarnason has been appointed CEO of the Enterprise Investment Fund. Brynjólfur has extensive experience of the Icelandic industries. He was Chief Executive Officer of the telecommunications companies Síminn and Skipti in 2002-2012, Chief Executive Officer of the fisheries company Grandi hf. in 1984-2002 and managing director of the publishing company Almenna Bókafélagid in 1976-1984.…

Details

Finnbogi Jónsson resigns as CEO of Icelandic Enterprise Investment Fund

Mr. Finnbogi Jónsson has decided to step down as CEO of the Icelandic Enterprise Investment Fund after a successful two-year career since the Fund’s foundation. He has agreed to undertake certain directorial functions for companies owned by the Fund. As Chief Executive Officer, Mr. Jónsson has built a strong investment fund which has returned excellent…

Details

Financial reorganisation of Icelandic Group completed

20 December 2011 Icelandic Group Press Release   Icelandic Group has completed the sale of its operations in the United States and related sourcing and manufacturing businesses, including its Asian operations. The buyer is the Canadian fisheries company High Liner Foods (High Liner). The final enterprise value amounted to USD 232.7 million, which corresponds to…

Details

Bygma acquires Húsasmidjan

Press release from the Iceland Enterprise Investment Fund and Bygma Gruppen A/S Bygma acquires Húsasmidjan The Iceland Enterprise Investment Fund has sold the operations and assets of Húsasmidjan to the Danish construction material distributor Bygma Gruppen A/S (Bygma). The divestment of Húsasmidjan has been in progress since last August, and Bygma came in with the…

Details

Icelandic Group sells U.S. Operations

Icelandic Group plc. (the „Group“) has sold its operations in the United States and the related procurement and manufacturing businesses. The buyer is the Canadian seafood company High Liner Foods (TSX:HLF). The transaction is valued at approximately US$ 230 million, the equivalent of ISK 26.9 billion. Icelandic Group will continue to own the Icelandic Seafood™…

Details

Divestment of Húsasmidjan:

Twelve bids received The deadline for submitting non-binding offers for Húsasmidjan expired yesterday, and a total of twelve bids were received for the company and its individual operating units. Landsbanki’s Corporate Advisory division, which is acting for the Enterprise Investment Fund in the divestment procedure, will now take two weeks to analyse the bids. When…

Details

Divestment of Húsasmidjan

Twelve bids received The deadline for submitting non-binding offers for Húsasmidjan expired yesterday, and a total of twelve bids were received for the company and its individual operating units. Landsbanki’s Corporate Advisory division, which is acting for the Enterprise Investment Fund in the divestment procedure, will now take two weeks to analyse the bids. When…

Details

The Enterprise Investment Fund has now total acquired 45,9% share in N1

  The Iceland Enterprise Fund has acquired a 39% share in the retail and service company N1 from Arion Bank hf. The holding includes a 10% share that former bondholders of N1 have an option to buy later. The Fund had earlier acquired a 15.8% share from Íslandsbanki hf. and the Glitnir Resolution Committee. Assuming…

Details

Enterprise Investment Fund acquires 40% share in Promens

The Enterprise Investment Fund has concluded an agreement on the acquisition of a 40% interest in Promens hf. The acquisition price is ISK 6.6 billion and includes an increase in Promens share capital which will be used to reduce debts and for investments. Among the projects in progress at Promens is the enlargement of the…

Details

Enterprise Investment Fund’s results for 2010

The Enterprise Investment Fund returned ISK 700 million in profit in 2010. The Fund’s total assets at year-end amounted to ISK 5.6 billion. The year 2010 was the Enterprise Investment Fund’s first full business year, with operations returning a profit of ISK 700 million. Total assets at year-end amounted to ISK 5.6 billion, and equity…

Details

Enterprise Investment Fund ends discussions with Triton

February 01, 2011, 17:20 PM GMT The Enterprise Investment Fund has been engaged in discussions with the Triton Investment Fund over the past few weeks concerning the latter’s acquisition of the Icelandic Group plant operations. At a meeting today the board of directors of the Enterprise Investment Fund rejected Triton’s offer for these assets and…

Details

Statement from The Enterprise Investment Fund

Negotiations with Triton to continue The Enterprise Investment Fund has been negotiating with European private equity fund Triton on Triton’s acquisition of a part of Icelandic Group’s operations. Both parties have decided to continue these negotiations. The sales and marketing platform, which provides services to Icelandic seafood manufacturers, would continue in the full Icelandic ownership,…

Details

Purchase of Vestia by Enterprise Investment Fund (FSI) concluded

Detailed due diligence completed Subject to approval by the Icelandic Competition Authority Plans to divest a substantial holding in Icelandic Group Húsasmiðjan to be sold through an open sale process The Enterprise Investment Fund (FSÍ), that belongs to a group of Icelandic Pension Funds, has finalised its purchase of Vestia holding company from Landsbankinn (NBI…

Details

FSÍ acquires Vestia from Landsbanki Íslands

The Enterprise Investment Fund has purchased the holding company Vestia from Landsbanki Íslands. The Vestia acquisition includes the following seven companies, which employ some 6,000 people: Icelandic, previously called SH, a global fisheries company with 30 subsidiaries and operations in 14 countries. Teymi, a holding company in the field of electronic communications and information technology;…

Details

Enterprise Inverstment Funds acquires 30% stake in Icelandair Group

The Enterprise Investment Fund has buy a 30% stake in Icelandair Group and is envesting a total of ISK 3 billion in the company. Prior to this transaction, Íslandsbanki owned a 48% holding in Icelandair Group, but following a share capital increase, the bank’s share will be dilluted to 30%. According to a binding agreement…

Details