Icelandic Group sells Spanish subsidiary
12 Sep 2016
Icelandic Group has signed an agreement to sell its Spanish subsidiary, Icelandic Ibérica, to Solo seafood ehf.
The company´s primary brand, ´Icelandic Seafood´ is not included in the sale.
Solo seafood is owned by established Icelandic seafood companies that are among Icelandic Ibérica’s main suppliers. These companies, which include Fisk-Seafood, Jakob Valgeir and Nesfiskur, have supplied seafood to restaurants in Southern Europe, via Icelandic Ibérica, for years. The buyers aim to further promote sales and marketing of Icelandic seafood under the Icelandic Seafood brand in Southern Europe.
In addition to the purchase agreement, Icelandic Group and Solo seafood have signed a brand licensing agreement, securing Solo seafood exclusive utilisation rights of the Icelandic Seafood brand in Southern Europe. Hjörleifur Ásgeirsson, who has been Icelandic Ibérica’s CEO for the past 20 years, will maintain his role post-acquisition.
The purchase agreement is subject to approval from The Central Bank of Iceland and the Spanish Competition Authorities.
Herdís Dröfn Fjeldsted, Chairman of Icelandic Group’s Board and CEO of the Enterprise Investment Fund said, “We are pleased with the result and believe that ownership by Icelandic producers provides an opportunity to further increase the value of seafood originating from Iceland sold under our established Icelandic Seafood brand.”
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