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21.04.2017

ICELANDIC GROUP INITIATES SALES PROCESS OF SEACHILL

Reykjavík, 21st April, 2017

The Board of Icelandic Group has decided to initiate a sale process for its UK operations, Seachill.

 Seachill is a leading supplier of chilled fish to the UK retail market. The company has a strong position in its category, offering a total solution to its customers. 

 Founded in 1998, the business has grown to be one of the largest chilled fish processors in the UK, with well-invested facilities and an established supply chain. Sustainability is critical for Seachill and the company works exclusively with suppliers with access to MSC-certified seafood or those participating in a fisheries improvement programme.

 Seachill is also the proud owner of The Saucy Fish Co., a four times CoolBrand award winner, which has revolutionized consumer perceptions of fish in the UK and has a fast growing reputation globally. In 2017, The Saucy Fish Co. entered the frozen retail category and aims to modernize and bring relevance to consumers in the same way it has elsewhere.

Seachill´s revenues totaled GBP 266.3 million in 2016, with EBITDA of GBP 10.4 million. The company employs ~750 people.

Íslandsbanki and UK based Oghma Partners have been mandated to manage the sale of all shares in Seachill.

Parties interested in participating in the process are invited to contact Mr. Tim Owen at tim.owen@oghmapartners.com

About Icelandic Group:

  • The Enterprise Investment Fund (EIF) owns a 100% share in Icelandic Group. The EIF is an investment fund in ownership of sixteen Icelandic pension funds, Landsbankinn and VÍS.
  • Icelandic Group is the owner of the “Icelandic” and “Icelandic Seafood” brands, managing all marketing for the brands in addition to providing various services to license holders and other producers in Iceland. The company´s primary partners are Solo Seafood and Highliner Foods, which sell high quality seafood products under the “Icelandic Seafood” brand. All products sold are subject to strict quality standards and quality control, resulting in a superior seafood brand.
  • Solo Seafood, owner of Icelandic Ibérica in Spain, is one of the primary sellers and distributors of lightly salted Icelandic Cod. Icelandic Ibérica provides products to over 4.000 customers in five countries in Southern Europe.
  • Canada based Highliner Foods, one of the primary seafood producers in North America, is a license holder for the “Icelandic Seafood” brand, providing frozen seafood products to retailers, hotels and restaurants in North America.

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