Icelandic Group sells Gadus to Steinasalir

Icelandic Group sold off another piece of its European group of subsidiaries on Friday, 7 April, coming to a purchase agreement with Iceland-based Steinasalir for the Belgian fresh fish processor and distributor Gadus.

Since December 2015, Icelandic Group has sold most of its other subsidiaries, including Icelandic Asia, Icelandic Iberica and Ný-Fiskur. The company, which is managed by the Iceland Enterprise Investment Fund, retains control of Seachill in the United Kingdom, but the fund has stated its intention to divest itself from all of its seafood business by 2019.

Gadus processes seafood at its plant in Nieuwpoort, Flanders, Belgium and distributes fresh seafood, primarily salmon and cod, in the Benelux market. The company sells around 7,000 metric tons of fish annually and had EUR 83 million (USD 87.9 million) in revenue in 2016, making it the second-largest fish processor in the Belgian fresh fish market. 

Iceland-based Steinasalir is owned by a conglomerate including Saemark Seafood, Fishproducts Iceland and Akur, an Icelandic based private equity fund. Together, they “aim to further promote sales and marketing of high quality seafood in Belgium and Central Europe,” according to a press release.

“Gadus is a very exciting investment opportunity to grow internationally,” Saemark Seafood CEO Sigurður Gísli Björnsson said. “A key aim for us is to ensure that the Icelandic seafood industry continues to possess a whole value chain from catch to consumer. Direct access to consumer markets is an important component to maximize the value of Iceland´s resources.”

Icelandic Group initiated the sale of Gadus in January, and it received “significant interest from multiple parties,” according to the company. Íslandsbanki Corporate Finance advised Icelandic Group on the deal, while Deloitte represented Steinasalir.

“Icelandic Group acquired Gadus in 2012 with the primary aim of opening up a new market area for Icelandic seafood products,” Icelandic Group Board Chairman and Enterprise Investment Fund CEO Herdís Dröfn Fjeldsted said. “Direct ownership of Icelandic seafood companies in Gadus is a very positive step, providing further opportunities to promote the image and value of Icelandic seafood in Central Europe. We congratulate Steinasalir on the acquisition.”