Icelandic Group to divest Icelandic Ibérica to Solo seafood

Icelandic Group has signed an agreement for the divestment of Spanish subsidiary Icelandic Ibérica to Solo seafood.

However, the sale does not include Icelandic Group's primary brand, Icelandic Seafood.

Solo seafood is owned by Icelandic seafood companies that are among Icelandic Ibérica’s main suppliers.

These firms comprise Fisk-Seafood, Jakob Valgeir and Nesfiskur, which supply seafood to restaurants in southern Europe through Icelandic Ibérica.

In addition to the purchase agreement, Icelandic Group and Solo seafood have signed a brand licensing agreement, which secures the latter's exclusive utilisation rights of the 'Icelandic Seafood' brand in southern part of Europe.

Following the acquisition, Hjörleifur Ásgeirsson will continue to be Icelandic Ibérica’s CEO.  Ásgeirsson has been the CEO of Icelandic Ibérica for the past two decades.

Last year, the board of Icelandic Group announced the launch of the sales process for Icelandic Ibérica.

The purchase agreement requires approval from the Central Bank of Iceland and the Spanish Competition Authorities.

Íslandsbanki Corporate Finance served as the adviser to Icelandic Group while KVIKA Corporate Finance represented Solo seafood.

Icelandic Group board chairman and Enterprise Investment Fund CEO Herdís Dröfn Fjeldsted 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."