ISI Press release - September 16, 2018

Iceland Seafood International hf completes the acquisition of Solo Seafood ehf

ISI is delighted to announce that the acquisition of Solo Seafood ehf has been completed today, September 16th. The transaction creates an integrated European industry powerhouse with excellent future growth prospects across the whole group.

ISI recently announced the Shareholders approval of granting the Board authorization to issue shares in relation to the acquisition of Solo Seafood ehf. Today, the Board with the reference to this authority, increased the share capital by 1,024,977,425.  At the same time the board approved to enter into an amendment to the share purchase agreement dated 31 July 2018 which will see the company acquire Solo Seafood ehf for a consideration which consists of the 1,025m issued shares (which are traded at 7,92 ISK per share at close of trading 14th September 2018) and a cash payment of €478k.  The former shareholders of Solo Seafood have agreed that they will not sell, transfer or assign part of their shares in ISI for a period of 12 months, this applies to 83% of the 1,025m shares related to the transaction. 

Solo Seafood is a company owned by Sjávarsýn, FISK Seafood, Jakob Valgeir and Nesfiskur and Icelandic Iberica‘s Managing Director, Hjörleifur Ásgeirsson. The three mentioned seafood companies (FISK, Jakob Valgeir and Nesfiskur) hold a significant percentage of the national fishing quotas in Iceland. The combined vendor group will become long-term shareholders and suppliers of ISI.  

Icelandic Iberica is one of the leading seafood companies in the South European market with turnover of €120m and pre-tax profits in excess of €4 million with a projected 2018 full year outturn of more than €4.7M at pre-tax level (excluding finance costs in the parent company Solo of c.a. €0.2m). With its extensive product range including cod (bacalao), Argentinian shrimp, cuttlefish and hake and processing capacity in Spain and Argentina, Icelandic Iberica, who over the last twenty years has pioneered the marketing of light salted Icelandic cod in Southern Europe, has seen strong growth in sales and profit in the last few years.

The acquisition produces in combination a Group with sales of more than €400m delivering in excess of €10m in proforma pre-tax profits for 2018 with material synergy benefits and growth within the combined business still to be added. 

With this acquisition Iceland Seafood International continues its strategy of acquiring strong value-added companies in key markets and will now operate 7 value added factories globally.  The ISI shareholders of Fisk Seafood, Jakob Valgeir and Nesfiskur, all major players in the Icelandic seafood industry who collectively represent over 10% of the Icelandic quota, operating 8 processing factories in Iceland create a fully integrated seafood supply chain serving over 45 countries and more than 3,000 customers around the world.

 

The transaction represents an exciting phase in the development of ISI and presents numerous opportunities for the group to continue its excellent growth rates in the years ahead.

Helgi Anton Eiríksson – CEO of Iceland Seafood International

“It gives us great pleasure to announce the acquisition of Icelandic Iberica Group today.  It is a significant milestone in our value added strategy of creating an integrated supply chain from source through to the end customer and with the three major Icelandic seafood operators of Fisk, Nesfiskur and Jakob Valgeir as major shareholders will create opportunities in Southern Europe and across all territories we serve.
I welcome the great employees at the Icelandic Iberica Group to our enlarged ISI group and look forward to growing our whole business further as a result” 

Bjarni Ármannsson – Chairman of Iceland Seafood International

“This is a transformational step for Iceland Seafood to bring together two large European operators and bring opportunities to leverage our sourcing, distribution and production capabilities to the benefit of our group it’s customers, people, supply partners and shareholders. I am proud to be a part of this great development and I am excited about our future opportunities.” 

About Iceland Seafood International

Tracing its roots to 1932, ISI is a worldwide sales, processing and marketing company for frozen, salted and fresh seafood. Headquartered in Reykjavik with operations in eight countries and processing facilities in Spain, Ireland, United Kingdom and Argentina, ISI is a publicly traded company with its shares listed on Nasdaq First North Iceland and generates annual sales of ca €400m across 45 countries.

 

 

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Iceland Seafood International hf completa la adquisición de Solo Seafood ehf

ISI se complace en anunciar que el proceso de adquisición de Solo Seafood ha concluido a fecha de 16 de septiembre. Como resultado de esta operación, se ha creado un sólido grupo industrial a nivel europeo con excelentes perspectivas de crecimiento en el futuro.

Recientemente, ISI anunció el consentimiento de los accionistas al Consejo para que emitiera acciones con vistas a la adquisición de Solo Seafood ehf. Por ello, el 16 de septiembre, el Consejo Directivo haciendo uso de dicha autorización, amplió el capital social en 1.024.977.425 títulos. Al mismo tiempo, el Consejo aprobó la modificación del acuerdo de compra de acciones del 31 de julio de 2018 que hace posible la adquisición de Solo Seafood ehf. por una retribución que consiste en los 1.025 millones de acciones emitidas (cuyo valor asciende a 7,92 ISK por acción al cierre de la bolsa el 14 de septiembre 2018), además de un pago de 478.000€. Los antiguos accionistas de Solo Seafood han acordado que no venderán, transferirán o asignarán parte de sus acciones de ISI durante un periodo de 12 meses. Esto se aplica al 83% de los 1.025 millones de acciones ligadas a esta operación.

El grupo Solo Seafood es propiedad de Sjávarsýn, FISK Seafood, Jakob Valgeir y Nesfiskur, así como del Director General de Icelandic Ibérica, Hjörleifur Ásgeirsson. Las tres empresas pesqueras antes mencionadas (Fisk, Jakob Valgeir y Nesfiskur) concentran un porcentaje importante de las cuotas nacionales de pesca en Islandia y pasan a convertirse en accionistas y proveedores de ISI a largo plazo.  

Icelandic Ibérica es una empresa líder en el sector de productos pesqueros en los mercados del sur de Europa, con un volumen de negocios de 120 millones de euros y unos beneficios antes de impuestos de más de 4 millones de euros. La proyección para este año 2018 es de más de 4,7 millones de euros antes de impuestos (excluyendo los costes financieros de la empresa matriz, Solo Seafood, cercano a 0,2 millones de euros). Icelandic Ibérica cuenta con una amplia gama de productos entre los que se incluyen el bacalao, el langostino argentino, el calamar y la merluza, y tiene capacidad de producción tanto en España como en Argentina. La empresa, que cuenta con más de 20 años de experiencia y fue pionera en la introducción y creación del mercado de Bacalao Punto de Sal de Islandia, ha experimentado un fuerte crecimiento de sus ventas y beneficios en los últimos años.

Esta adquisición configura un Grupo que supera los 400 millones de euros en ventas y los 10 millones de euros de beneficios pro-forma en 2018 antes de impuestos, a lo que habría que añadir los beneficios producidos por las sinergias y el crecimiento del negocio combinado.

Con esta operación, Iceland Seafood International continua con su estrategia de adquirir empresas de gran valor añadido en mercados clave y, a partir de ahora, gestionará 7 centros de producción a nivel internacional. Los ahora accionistas de ISI, Fisk Seafood, Jakob Valgeir y Nesfiskur, son también grandes operadores en la industria pesquera islandesa, representan conjuntamente más del 10% de la cuota pesquera de Islandia y gestionan 8 fábricas de elaboración en la isla, lo que crea una cadena completa de suministro de productos del mar, verticalmente integrada, que ofrece sus servicios en más de 45 países y a más de 3.000 clientes de todo el mundo.

Esta operación supone una fase apasionante en el desarrollo de ISI y ofrece numerosas oportunidades al Grupo para que continúe su excelente ritmo de crecimiento en los próximos años.

Helgi Anton Eiríksson - Director general de Iceland Seafood International

 

“Nos complace anunciar la adquisición del Grupo Icelandic Ibérica. Se trata de un importante hito en nuestra estrategia de valor añadido para crear una cadena completa de suministro desde el origen al cliente final. Para ello contamos como accionistas con tres importantes operadores en Islandia, Fisk, Nesfiskur y Jakob Valgeir, lo que generará nuevas oportunidades en el sur de Europa y en todos los lugares donde ofrecemos nuestros servicios. Me gustaría dar la bienvenida al recién ampliado Grupo ISI a los excelentes trabajadores de Icelandic Ibérica y estoy entusiasmado con seguir haciendo que nuestro negocio crezca aún más con su ayuda”.

Bjarni Ármannsson - Presidente de Iceland Seafood International

“Este es un paso que supone una transformación para Iceland Seafood, uniendo dos grandes operadores europeos, y que conlleva la generación de oportunidades para potenciar nuestros recursos, así como nuestra capacidad de distribución y producción, todo ello en beneficio de nuestro grupo, nuestros clientes, proveedores y accionistas. Estoy orgulloso de formar parte de este gran proyecto y muy ilusionado con las oportunidades que generará.”  

Sobre Iceland Seafood International

Fundada en el año 1932, ISI es una sociedad internacional dedicada en la producción, venta y comercialización de productos del mar frescos, salados y congelados a lo largo de todo el mundo. Con sede en Reykjavík, la empresa opera en ocho países con plantas de elaboración en España, Irlanda, Inglaterra y, con esta nueva incorporación, ahora también en Argentina. ISI cotiza sus acciones en el mercado de valores islandés (índice bursátil Nasdaq First North Iceland), generando un volumen anual de ventas de aproximadamente 400 millones de euros, con operaciones de negocio en más 45 países. 

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ISI - Icelandic Iberica Agreement

Iceland Seafood International hf. agrees on the principal terms to acquire Icelandic Iberica to form a vertically integrated European Seafood powerhouse 

Iceland Seafood International is delighted to announce its intent to purchase Icelandic Iberica with the view of building on the combined groups’ Icelandic heritage.

With the new long term ISI shareholders of FISK Seafood, Jakob Valgeir and Nesfiskur the Group becomes a fully integrated seafood player.

The integrated companies will serve over 3000 customers in more than 45 countries owning 9 production facilities.

 

Iceland Seafood International hf (ISI) has today agreed heads of terms to acquire Solo Seafood ehf. Which is the sole owner of Icelandic Iberica in Spain.  Solo Seafood is a company owned by Sjávarsýn, an investment company in Iceland and Icelandic Iberica’s Managing Director, FISK Seafood, Jakob Valgeir and Nesfiskur.  The three mentioned seafood companies hold a significant percentage of the national fishing quotas in Iceland. The combined vendor group will become long-term shareholders of ISI.  

 

Icelandic Iberica is one of the leading seafood companies in the South European market with turnover of €120m and pre-tax profits in excess of €4 million with a projected 2018 outturn of more than €4.7M at pre-tax level. 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.

 

The acquisition produces in combination a Group with sales of more than €400m delivering in excess of €10m in proforma pre-tax profits for 2018 with material synergy benefits within the combined business to be added.  In addition, with direct raw material access resulting from the vertical integration and control of over 40 thousand tonnes of quota the group sales and profit growth are anticipated to benefit significantly in the years to come.

 

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 9 value added factories in 7 country locations.  The ISI shareholding of Fisk Seafood, Jakob Valgeir and Nesfiskur, all major players in the Icelandic seafood industry with combined over 10% of the Icelandic quota and 8 factory operations in Iceland creates a fully integrated seafood group serving over 45 countries and more than 3000 customers around the  world.

 

It is proposed that the consideration will be settled by issuance of 1.047m new shares in ISI. Completion of the proposed transaction is subject to certain conditions, including the conclusion of appropriate due diligence review by the parties, required approval by the shareholders of ISI, definitive documentation of the transaction and competition approval in Spain and/or Iceland (if required).

 

Helgi Anton Eiríksson - CEO of Iceland Seafood International

“This will be a transformational step for Iceland Seafood International as we will welcome three of Iceland’s major seafood players into the shareholding group of ISI creating an integrated supply chain through to the end customer.  At the same time, we continue our strategy of investing in strong well positioned value-added businesses creating synergies and new business opportunities at ISI across Europe and globally.”

Benedikt Sveinsson – Chairman of Iceland Seafood International

“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. This acquisition follows our strategy at ISI to focus on efficiency and profitable growth, by investing in our networks, our value added activities and seeking opportunities to deliver value.

Hjörleifur Ásgeirsson – Managing Director of Icelandic Iberica

“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.

Bjarni Ármannsson – Chairman of Solo Seafood

 “With both Icelandic Iberica and ISI having strong roots in the Icelandic seafood industry, we are pleased with this step in joining our two groups to leverage our sourcing, distribution and production capabilities to the benefit our customers and suppliers. We look forward to integrating our experienced teams as well as becoming shareholders within ISI. The Solo seafood shareholders look forward to support the further development of ISI”

 

About Iceland Seafood International

Tracing its roots to 1932, ISI is a worldwide sales, processing and marketing company for frozen, salted and fresh seafood. Headquartered in Reykjavik with operations in seven countries and processing facilities in Spain, Ireland and the United Kingdom, ISI is a publicly traded company with its shares listed on Nasdaq First North Iceland and generates annual sales of ca €300m across 45 countries.

 

Mar Advisors, led by Magnús Bjarnason, advised Solo Seafood on the transaction and Kvika Banki advised ISI.

 

For more information:

Iceland Seafood International hf.                
+354 550 8000

 

Helgi Anton Eiriksson, Chief Executive Officer

Lee Camfield, Chief Operating Officer

Reynir Jonsson, Chief Financial Officer

 

 

Solo Seafood ehf

Bjarni Ármannsson, Chairman

 

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Cordialmente,
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