Icelandic Group, the Reykjavic-based seafood conglomerate, continues to unload assets with the announced sale of subsidiary Ný-Fiskur.
The Icelandic Group, managed by the Iceland Enterprise Investment Fund, is pursuing the sale after announcing its intentions to divest itself from all of its business by 2019. Earlier this month, it sold its Spanish subsidiary, Icelandic Iberica, and it sold off Icelandic Asia in December 2015. It still owns Icelandic Gadus in Belgium and Icelandic Seachill in the United Kingdom, the owners of The Saucy Fish brand.
Ný-Fiskur, located in Sandgerði, Iceland, has around 70 employees, led by managing director Þorsteinn Magnússon. It processes around 6,000 metric tons of seafood annually, primarily cod and haddock, in addition to other seafood, with the bulk exported to Belgium and other European countries. It owns and operates a line boat and a production facility and controls 800 metric tons of quota for cod. The company’s 2016 revenues were ISK 3 billion (USD 26.3 million, EUR 23.5 million)
Icelandic Group, which bought Ný-Fiskur in 2014, is now accepting purchase inquiries through Íslandsbanki Corporate Finance.
“The proposed sale is part of the company´s strategy to simplify its operations,” Icelandic Group said in a press release.
