Icelandic Group on Thursday announced that it agreed to sell its operations in Germany and France to a consortium of investors, led by Hong Kong-based Pacific Andes International Holdings Ltd. Terms of the deal were not disclosed.
Icelandic Group acquired Germany’s Pickenpack Hussman & Hahn (PHH) in 2005. PHH produces value-added seafood for the retail and foodservice markets in Germany and other European countries.
In 2006, Icelandic Group acquired the Gelmer processing plant in Wimille, France, which produces frozen seafood products under the Icelandic Boulogne Sur Mer brand. Icelandic’s Paris sales office is also included in the transaction.
“The sale of our French and German platform is an important strategic step for Icelandic Group toward sharpening its operational focus. This transaction is a key milestone for the company, whereby it is now well positioned to lower its debts and strengthen existing operations,” said Icelandic CEO Brynjólfur Bjarnason.
In March, Icelandic Group — one of Europe’s largest seafood suppliers — retained Merrill Lynch International to advise the company financially as it reviewed its potential strategies, including divestment of one or more of the company’s divisions and equity financings. The sale of the company’s German and French divisions was part of this review.
The acquisition is subject to regulatory approval.
