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10.01.2017 14:55

Icelandic Group initiates sales process of Gadus in Belgium

Icelandic Group initiates sales process of Gadus in Belgium

Reykjavík, January 10th, 2017

The Board of Icelandic Group has decided to initiate a public sale process for its Belgian operations, Gadus.

Gadus specializes in the production and sale of fresh seafood to retailers and wholesalers. The company´s history spans over 25 years and Gadus is the second largest fish processor in the Belgian fresh fish market.  The company sells about 7,000 tonnes of product annually and is a category leader for large retail and cash & carry chains.  Gadus enjoys both longstanding and successful relationships with its customers and suppliers and signed a long-term exclusive contract with a major retailer in 2015. 

Gadus’s revenues totaled approximately €83 million in 2016. The company employs ~130 people.

Íslandsbanki Corporate Finance has been mandated to manage the sale of all shares in Gadus. Interested parties are invited to contact Íslandsbanki by e-mail at gadus@islandsbanki.is.

About Icelandic Group:

  • Icelandic Group is a holding company for subsidiaries which specialize in the production and sale of seafood.
  • A new subsidiary of Icelandic Group, Icelandic Trademark Holding (ITH), is the registered owner of the „Icelandic“ and „Icelandic Seafood“ brands. ITH manages all marketing for the brands in addition to providing various services to the licence holders and other producers in Iceland.
  • Icelandic Trademark Holding has a long-term licencing agreement with High Liner Foods and Ibérica, which ensures supply of high-quality products to the HORECA market under the Icelandic Seafood brand in the United States, Spain, France, Italy and Portugal.
  • The Enterprise Investment Fund (EIF) owns a 100% share in Icelandic Group, the parent company of Gadus. EIF is an investment fund in ownership of sixteen Icelandic pension funds, Landsbankinn hf. and VÍS hf.