Icelandic Group sells Belgian processor

THE Icelandic Group has completed the sale of its Belgian processing subsidiary Gadus to Steinasalir, which is owned by a consortium of Icelandic companies.
The news that a deal was close came two months ago when the parties announced the signing of a purchase agreement.
Icelandic said the 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 83 million euros.
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. So far there is still no news on the proposed sale of the group’s Grimsby based UK subsidiary, Icelandic Seachill, but Young’s Seafood and Cooke Aquaculture are reported to have dropped out of the bidding.
This could leave the way open to an Asian or Scandinavian buyer, possibly the consortium which has just finalised the Gadus deal.
Steinasalir is owned by Akur fjárfestingar slhf, Brim hf, Fishproducts Iceland ltd, Hraðfrystihús Hellissands hf, Kambur hf, KG fiskverkun ehf, Oddi hf, Saemark Seafood ehf and Thorfish hf.