Icelandic seafood company Samherji has entered into an agreement to acquire a 50 percent stake in U.S. fresh seafood importer, distributor, and marketer Aquanor Marketing, Inc.
Established in 1985, Boston, Massachusetts, U.S.A.-based Aquanor has been one of the Samherji Group’s main customers for more than a decade, supplying Samherji’s seafood products to U.S. retail and restaurant chains, and also wholesalers. Its focus is mainly on North Atlantic species, such as Arctic char, cod, haddock, salmon, and oysters, marketed under the Aquanor and WiAnno brands.
According to Samherji, both parties have been in talks for several months, with the acquisition finalized in early October.
Moving forward, Eric Kaiser will continue in his position as president and CEO of Aquanor. And following Samherji's investment, Orri Gústafsson will join Aquanor from Samherji as vice president of business development.
Beyond vertically integrating its current fresh seafood business, the new partnership will expand Aquanor’s focus to include the frozen cod and Arctic char markets in the United States, Samherji said.
"Aquanor Marketing is a well-run, family-owned business and the owners share our values and vision. This investment will allow us to continue our growth in the U.S., an important market for us that will become even more important in the future due to changes in demand related to the pandemic. Despite these tough circumstances, we are looking forward to growing together with Aquanor and building on what is already a strong foundation,” Samherji CEO Thorsteinn Már Baldvinsson said.
Iceland’s production of Arctic char has increased significantly in recent years, and Samherji's fish-farming arm is currently the single-largest producer of this fish in the world. Aquanor will now be offering a variety of frozen Arctic char products to meet its customers’ needs.
"We have been working with Samherji for over 10 years, and in that time, we have been impressed with the way in which they manage their company,” Kaiser said. “We are excited for the opportunities and growth that this partnership will undoubtedly help us create.”
