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 hf, KG fiskverkun ehf, Oddi hf, Sæmark-Seafood ehf and Thorfish hf.
Current management of Gadus will continue to work with the new owner, but the company employs approximately 130 people.
Located in Nieuwpoort, Gadus is a leading processing, sales and distribution company for fresh fish products in Belgium. The company’s key species are salmon and cod, sold to retailers and wholesalers in Belgium. Total revenue in 2016 amounted to EUR 83 million. Gadus handles and produces approximately 7.000 tonnes of products annually.
The primary aim of the new owner will be to promote sales and marketing of Icelandic seafood in Belgium and Central Europe. In addition to providing further support to Gadus, Steinasalir will work towards ensuring the interests of the Icelandic fishing industry in its marketing of high quality seafood on a global basis.
Íslandsbanki acted as advisor to Icelandic Group and Deloitte to Steinasalir.

For further information:
Sara Lind Þrúðardóttir at Icelandic Group by phone +354 852 8804, or by email
Sigurður Gísli Björnsson at Sæmark-Seafood by phone +354 561 8888, or by email