High Liner Icelandic

High Liner Foods on Monday confirmed that it has completed its acquisition of Icelandic Group’s U.S. and Asian operations, just over a month after the deal was announced.

The transaction includes Icelandic USA’s processing plant in Newport News, Va., and the subsidiaries that operate a processing plant in China and source product throughout Asia.

According to the Chronicle Herald, High Liner dismissed Aevar Agnarsson, president and CEO of Icelandic USA. Keith Decker, who currently oversees High Liner Foods (USA) in Danvers, Mass., will take his place.

“We had to choose between two very qualified individuals, but we can only have one CEO,” Kelly Nelson, High Liner’s executive VP and CFO, told the Nova Scotia newspaper.

The adjusted purchased price totaled USD 232.7 million, including USD 2 million in closing adjustments, about USD 2 million more than the initial purchase price. Additionally, working capital adjustments net of cash balances came in at USD 15.2 million, reflecting the seasonally high working capital levels at the time of closing of the transaction.

As a result of the acquisition, High Liner’s annual revenue is expected to be about USD 900 million for the 12 months ending in September 2011.

“We are very pleased to have completed this acquisition, as it represents an important element of High Liner’s growth strategy,” said Henry Demone, president and CEO of High Liner, in a prepared statement. “This acquisition positions High Liner as the leading value-added seafood supplier in North America and adds incremental value to our shareholders.”


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