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THE Icelandic Group has started the sale process for its sourcing and manufacturing business in the United States.
It is certain to attract the interest of other seafood producers in North America, including Canada's High Liner Foods which made an audacious bid for the entire group earlier this year.
The company, one of the largest seafood producers in the world, said it is currently contacting potential buyers regarding a sale of its operations in the United States as well as related sourcing and manufacturing businesses, including some its Asian operations.
Icelandic Group has engaged BofA Merrill Lynch to act as financial advisor to the Icelandic Group in connection with a review of strategic alternatives. The sale process involving Icelandic Group's operations in the United States as well as related sourcing and manufacturing businesses forms part of this review of strategic alternatives. Interested parties are encouraged to contact Icelandic Group for further information. .
Based in Newport News, Virginia where it employs several hundred people, Icelandic USA, is a US corporation and a wholly owned subsidiary of the Icelandic Group in Reykjavik, Iceland. The company is the largest importer of frozen groundfish for the foodservice industry in the US, best known for Icelandic and Samband Brand products, which are served in restaurants throughout the U.S. and Canada.
Last month the Icelandic Group has signed an agreement to sell the company's operations in France and Germany to a consortium of investors, led by Pacific Andes. This agreement is subject to regulatory approval by competition authorities.
The Icelandic Group owns the highly successful Seachill and Coldwater Seafoods in the UK (Grimsby) and it is expected these businesses will be retained.
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