The EFI acquired an 81% share in Icelandic Group through the purchase of Vesta, a holding company, in August 2010. The also fund had first right to buy Landsbankinn‘s 19% share. The company was in debt and had financing problems. Over the next few seasons, the operation went through extensive restructuring of operations and finances, while at the same time specific business units were sold separately. In June 2011, the sale of Icelandic Group‘s operations in Germany and France to foreign investors was finalized, and in November 2011 the operations in the US, with related operations in Asia, were sold to the Canadian company High Liner Foods. An emphasis was placed on ensuring the EFI the ownership and management of Icelandic Group‘s main brands; High Liner Foods received utilization rights for seven years following the purchase. With the above-mentioned business, the company‘s level of debt became more manageable, creating room for further operational restructuring of individual subsidiaries and the head company in Iceland.
In 2015, the course was set to selling Icelandic Group in units, rather than as a whole. Collaboration and synergies between companies within the group were almost non-existent. Therefore it was decided to simplify the Icelandic Group‘s operations in Iceland, and to bring its subsidiaries directly under the EFI. The positions of CEO, VP, and other managers were eliminated. During this time period, the Icelandic Group employed around 1.600 people world-wide, including approximately 20 employees in the head office.
Since this decision was made, the company‘s operations in Asia, Iberica in Spain, Nýfiskur in Iceland, and Gadus in Belgium – all working with high-quality Icelandic resources – have been sold to Icelandic marine companies.
In November 2017, Seachill in the UK was sold to the Hilton Food Group, a UK meat processing company, registered on the British stock market.
This decision, taken at the end of year 2015, has significantly increased the value of the company.
One company remains unsold: Icelandic Trademark Holding (ITH), but in 2016 the company‘s brand were put under a specific trademark company, that manages marketing, supervision and services to the brands. The future policy and vision for ITH is being developed before it will be sold.