ISI buys Spanish seafood supplier

ICELAND Seafood International (ISI), which bought a major Irish fish processing business two months ago, today announced plans to acquire Icelandic Iberica, one of the most important suppliers to the Mediterranean market.
The company said: ‘We are delighted to announce our intent to purchase, with the view of building on the combined groups’ Icelandic heritage.’
Founded in 1996, Icelandic Iberica is one of the leading seafood companies in the south European market, with turnover of €120 million and pre-tax profits in excess of €4 million, projected at €4.7 million for 2018.
With its extensive product range including cod (bacalao), Argentinian shrimp, cuttlefish and hake, and processing capacity in Spain and Argentina, the company has seen strong growth in sales and profit in the last few years.
ISI, which paid an estimated €13 million for Oceanpath of Ireland in March and also has processing interests in Grimsby and Yorkshire, said its latest acquisition ‘produces in combination a group with sales of more than €400 million’.
‘With this acquisition, Iceland Seafood International continues its strategy of acquiring strong, value added companies in key markets.  
‘On completion of the transaction, Iceland Seafood International will operate nine value added factories in seven country locations.’ 
Benedikt Sveinsson, chairman of Iceland Seafood International, said: ‘We look forward to welcoming this strong producer group and Icelandic Iberica into the ISI family, combining these two long-standing Icelandic companies into one of the strongest seafood groups in Iceland to further penetrate the Spanish and European markets.’
Hjörleifur Ásgeirsson, managing director of Icelandic Iberica, added: ‘It is exciting for us at Icelandic Iberica to join Iceland Seafood International to become a leading provider of seafood products through our strong businesses in Europe.
‘Our objective is to be at the forefront, with high quality seafood to serve our markets, both existing and new customers.’