Major Alaskan pollock deal brokered – Fishupdate.com

Major Alaskan pollock deal brokered Published:  19 August, 2008

THE American Seafoods Group has acquired the Alaskan Pollock assets of another key US fish company, Yardarm Knot Inc as part of a major expansion drive.

Demand for Alaskan Pollock is increasing rapidly and major buyers include Young’s Seafood in the UK and the Birds Eye frozen food company.The American Seafood Group says acquisition of these assets will enable it to ‘further its position in the dynamic and growing global seafood industry’.

Both companies took advice from Iceland’s Glitnir Bank, the leading provider of financing and advisory services to the global seafood industry, Glitnir Capital Corporation’s seafood team in New York acted as exclusive financial advisor to ASG while Glitnir Banki hf participated in the financing of the acquisition; once again highlighting the bank’s proven execution capabilities within the global seafood industry.

Magnus Bjarnson, executive Vice President,Glitnir’s International banking said: ‘We are delighted to have advised American Seafoods Group on this milestone transaction, which will increase the efficiency of the seafood sector in Alaska.

‘Glitnir has defined the seafood industry as a core niche market in which our recognized expertise continues to play a leading role. Our industry team in New York again successfully acted as the lead advisor on a significant industry transaction, and our debt financing unit played a key role in its financing.’Coastal Villages Region Fund and Central Bering Sea Fishermen’s Association, which together represent about 10,000 Alaskans, supply valuable fisheries quota to the American Seafood Group and own a substantial equity position in the company.

www.fishupdate.com is published by Special Publications. Special Publications also publish Fish Farmer, the Fish Industry Yearbook, the Scottish Seafood Processors Federation Diary, the Fish Farmer Handbook and a range of wallplanners.