Boston, Massachusetts, U.S.A.-based Villa Seafood and Iceland Seafood International (ISI) have announced a partnership that will result in ISI’s Iceland Gold brand sold in North America through Villa Seafood.
The agreement, which will initiate Iceland Gold's sales in North American markets on 1 October, will expand the operations of Villa Seafood with “a significant customer base and distribution network,” the company said in a press release announcing the partnership. The partnership will also expand Villa Seafood’s portfolio of seafood to include Icelandic cod and haddock, an expansion of its current offering, which is mainly comprised of farm-raised Atlantic salmon.
“The agreement provides Villa Seafood with several new strategic opportunities. We are strengthening our position within the foodservice segment with both a broader product line and an expanded distribution network,” Villa Seafood President Geir Myklebust. “We also see great opportunities in expanding the distribution of Iceland Gold products to our customer base in the retail segment.”
As part of the deal, ISI’s office in the U.S. will close on 1 October, with all of its operations folded into Villa Seafood.
“This decision is in line with the group’s strategy of focusing mainly on value added activities in Europe, it simplifies Iceland Seafood’s operation in the U.S.A and reduces risk,” ISI said in a Nasdaq Stock Exchange announcement. “At the same time this will not have significant impact on either [the] sales or profit generation of the group.”
Villa Seafood's strategic network previously included the salmon processor Arctic Filet in Norway and the organic salmon farmer Organic Sea Harvest in Scotland.
Myklebust said former Villa Seafood Vice President of Sales Todd Julio, who became the president of ISI in January 2017, played a vital role in establishing the partnership.
“We are glad Todd Julio has accepted our offer to continue developing the business for Iceland Gold products under the Villa Seafood flag,” Myklebust said. “This will also add sales capacity and network to our current operations, and it will ensure that we can continue to develop the close ties with the whole distributor network established by Iceland Seafood.”
Photo courtesy of Villa Seafood
