Reykjavik, Iceland-based Iceland Seafood International is acquiring Oceanpath Seafood Limited, the largest fresh seafood processor and retail supplier in Ireland.
The deal, in which ISI agreed to purchase 67 percent of the outstanding shares of Dublin, Ireland-based Oceanpath for between EUR 12.4 million and 13.4 million (USD 15.3 million and 16.6 million), was finalized on 13 March.
“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 for an excellent platform for future growth,” ISI CEO Helgi Anton Eiríksson said.
Oceanpath, which processes and sells fresh and frozen seafood, also operates the Dunn’s of Dublin premium retail brand, which supplies fresh and smoked seafood to retailers and wholesalers. Oceanpath’s expected revenues in the current financial year, which ends 30 April, 2018, are between EUR 33 and 35 million (USD 41 million and 43 million).
"The acquisition brings the opportunity of expanding the business at a domestic and international level via the introduction of new products into ISI Group sales channels, taking advantage of ISI’s strong commercial setup in Europe, North America and Asia,” Eiríksson added.”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 Irish seafood marketplace has seen positive growth in the last few years, according to Alan Ecock, managing director of Oceanpath.
“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,” Ecock said.
ISI’s “vast experience in the international seafood marketplace affords us the opportunity to expand our product range while maintaining the highest standards of service to our customers,” Ecock added.
