Iceland-based seafood company Brim has sold its stake in Danish company Polar Seafood Denmark to Polar Seafood Greenland for DKK 925 million (USD 143.9 million, EUR 123.7 million), and has also finalized acquiring all shares in fish oil production company Lysi.
Brim said it agreed to sell its 50 percent stake in the Polar Seafood Denmark, while its S-13 Holding subsidiary retained its stake in the company. Polar Seafood Greenland Chair Michael Binzer said on LinkedIn that the sale is the largest private business transaction in the Greeland’s history.
Brim first acquired half of Polar Seafood Denmark in April 2023, purchasing the share for DKK 625 million (USD 92 million, EUR 83 million).
“Brim is an ideal partner and I look forward to developing our cooperation,” Polar Seafood Denmark Board Chair Henrik Leth said at the time. “Polar Seafood has a strong sales network which will complement Brim´s established sales network, especially in Southeast Asia. We are equal partners, and we share the same experience and values.”
With the sale three years later, Brim gained DKK 300 million (USD 46.7 million, EUR 40.1 million),
Brim said the two companies will “continue their good cooperation” moving forward from the sale.
Binzer said the sale was a significant one for Greenland, as the country’s main companies typically sit in either government or semi-public hands. One of the largest fishing companies in Greenland, Royal Greenland, is government owned.
“Most significant enterprises – from fisheries management to infrastructure – sit in government or semi-public hands. Private, export-driven companies of meaningful scale are rare. Very rare,” Binzer said.” Which is exactly what makes today feel different.”
Binzer said with the acquisition of Brim’s share of Polar Seafood Denmark, the full value chain of Greenlandic fishing is “entirely in Greenlandic hands.”
“That is not a small thing. And I don't take it lightly,” he said.
Runolfur Gudmundsson, CEO of Útgerðarfélag Reykjavíkur – the largest shareholder in Brim, owning 43.96 percent of the company – said the sale is an “important moment in the company’s development.”
“This is a strong example of disciplined capital allocation and value realization, while the companies will continue their good cooperation,” he said of the transaction.
During the same board meeting, Brim also approved an agreement to acquire all shares of Lysi, a transaction first announced in 2025. According to Brim, the purchase of all shares will be for ISK 20 billion (USD 161 million, EUR 139 million), after renegotiating down from the earlier terms of ISK 30 billion (USD 243 million, EUR 209 million).
The new value takes into account interest-bearing debt, among other things, Brim said.
“The purchase price will be paid in full when the transaction is completed after receiving approval from public parties,” Brim said.
