Icelandic Group has acquired Belgian fish processor Gadus, according to multiple news reports.
Gadus, the second largest company in terms of fresh fish sales in Belgium, specializes in the production and sale of fresh and chilled seafood, especially salmon and cod, but about a third of the company’s raw material comes from Iceland. The company’s sales amount to more than USD 91 million.
Gadus was founded in 1990 and has always focused on servicing the retail market.
“The acquisition of Gadus is consistent with the priorities that we have planned in the operation of Icelandic Group in the future. Gadus has a strong position for fresh and chilled seafood in its home market and operational changes have been stable and good for many years,” said Larus Asgeirsson, Icelandic CEO. “With this acquisition we are expanding the operations of Icelandic Group relating to the processing and sale of fresh and chilled seafood in cooperation with retail chains, but this activity has been among the best in recent years. We see great potential for enhancing Gadus further and achieve synergy with other companies within the group.”
“The acquisition of Gadus opens new markets for Icelandic Group and we see great opportunities in the future to expand the company further and related markets in major neighboring Belgium. These are markets where the rich tradition of the consumption of high quality seafood,” said Patient Fjeldsted, Icelandic chairman.
