Iceland Seafood International acquires stake in Oceanpath

Iceland Seafood International (ISI) has agreed to acquire 67% of the remaining shares in Irish fish company Oceanpath.

Under the agreement, the purchase price for the stake in Oceanpath is expected to be around €12.4m-€13.4m.

The final price will be based on the profitability of Oceanpath for the current financial year.

The transaction should be completed by March this year after the two companies finalise share purchase and shareholders agreements.

ISI CEO Helgi Anton Eiríksson said: “The acquisition of Oceanpath continues ISI’s strategy of growing its value-added activities in Europe. The company’s experienced management and market-leading position in Ireland within the fresh fish and smoked seafood market provides an excellent platform for future growth.

“The acquisition brings the opportunity of expanding the business at a domestic and international level via the introduction of new products into ISI sales channels, taking advantage of ISI’s strong commercial setup in Europe, North America and Asia.

“At the same time Oceanpath has a unique platform to expand its product range in the local market via accessing ISI’s strong manufacturing and group sourcing network.”

The acquisition marks a significant step in the seafood wholesaler’s strategy of delivering strong organic growth combined with strategic acquisitions of first-rate seafood companies into the group.

Established by the Ecock family in 1991, Oceanpath supplies fish to Irish retailers as well as exporting products to Dubai and Singapore.

Oceanpath’s largest stakeholder Alan Ecock will continue to serve as managing director of the business.

Ecock said: “It is very exciting for us at Oceanpath to partner up with ISI. The group’s vast experience in the international seafood marketplace affords us the opportunity to expand our product range whilst maintaining the highest standards of service to our customers.

“The Irish seafood marketplace has seen positive growth in the last few years. Our aim is to be at the forefront of this trend in years to come and to continue to serve our market through innovation, strong sourcing and focus on high-quality products for our customers.”