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 the discussions have ended. At the same time, a decision has been made to sell Icelandic’s plant operations in the United States and the manufacturing business in China in an open procedure. Icelandic will continue its ownership of the plants in Europe, the world-wide sales system and the company’s registered trade mark.

The ownership by the Enterprise Investment Fund of Icelandic Group has two main objectives: on the one hand to maximise the value of the company’s assets, and on the other hand to secure the interests of the Icelandic fishing industry through access to markets for Icelandic marine products.

“Icelandic is a good company, and naturally it has attracted a great deal of interest. We announced this autumn that we were looking for a co-investor in the company, and we were contacted by several parties. We felt that Triton’s ideas deserved our detailed consideration but our conclusion is to reject their offer. We will now concentrate on the financial and operational restructuring of the company. We intend to sell the plant operations in the United States and the manufacturing business in China, and these assets will be presented to interested buyers in an open sales procedure in the near future,” says Enterprise Investment Fund CEO Finnbogi Jónsson.

Further information:
Enterprise Investment Fund
Pétur Þ. Óskarsson, petur@framtakssjodur.is
Tel +354-571-7080 and cellphone +354-863-6075