Iceland-based seafood company Brim has acquired all shares of fish oil production company Lysi for ISK 30 billion (USD 248 million, EUR 211 million).
In an announcement, Brim said the total purchase price is based on the total value of all shares in Lysi, and will be paid half in cash and half in shares of the company.
“The parties see great opportunities for synergy and advancement to strengthen Lýsi hf.'s raw material position and for Brim to move further up the seafood value chain,” Brim said in a release announcing the sale.
The company said more details on the transaction will be released with the purchase agreement between the two parties.
Lysi is a large producer of fish oils including cod oil, cod liver oil, omeg-3 fish oils, salmon oil, and tuna fish oil. The company was founded in 1938, and became the largest exporter of cod liver oil in Iceland by the 1950s. Since that time it has maintained its dominant position in the cod liver oil industry, And the company completed a new factory in Reykjavík, Iceland in 2005. Then in 2012, it completed an expansion of its production facilities, bringing its production capacity to 13,000 metric tons (MT).
The company also purchased a canning plant in 2015; established a new head drying plant in 2019; and acquired Ice Fish, another fish material company based in Iceland that specializes in skins, heads, and viscera for the pet food industry in 2023.
Brim operates fishing fleets and fish processing facilities, and has recently purchased multiple other companies in the seafood space. In 2022 the company acquired half of Polar Seafood Denmark, and later followed up and purchased the other half of the company in 2023.
Brim also purchased Fiskvinnslan Kambur in October 2019, and recently decided to close down the company’s fish processing facility in Hafnarfjörður, Iceland.
