Iceland Seafood International has agreed with GPG seafood and IceMar – the current owners of Barcelona, Spain-based Elba S.L. – to acquire Elba.
Both seafood suppliers expect to conclude a share purchase agreement for EUR 4.4 million (USD 4.8 million) as soon as possible, and have the conditions fulfilled before the end of this year, Iceland said in a press release.
“Elba will be a great addition to our operation in Spain and enable us to further leverage our distribution and production capabilities in this largest market for Icelandic cod,” said Bjarni Ármannsson, CEO of Iceland Seafood, in a press release. “This acquisition is fully aligned with our strategy to focus on growth in our key markets where we have a strong platform and market position.”
Reykjavík, Iceland-based Iceland Seafood – a sales, processing and marketing company for frozen, salted and fresh seafood – operates in eight countries. Elba is a “strong seafood player in Spain,” Iceland said, producing 2,200 metric tons of frozen light salted products and other seafood products annually.
Elba is expected to produce EUR 14.5 million (USD 16 million) in sales in 2019.
“It is an exciting step for Elba to join Iceland Seafood operation in Spain and become a part of a leading seafood provider in the South European market,” said Gunnlaugur Hreinsson, chairman of GPG Seafood. “We also believe the acquisition will deliver a strong partnership between GPG Seafood and Iceland Seafood that will be in the benefit of both companies for the years to come.”
Image courtesy of Iceland Seafood International
