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The Icelandic Group, one of the largest seafood organisations in the world, says it has finalised completion of an agreement to sell the company’s operations in France and Germany to a consortium of investors, led by Pacific Andes for an undisclosed sum.
Pacific Andes is one of Asia's most vertically integrated seafood organisations. It was back in March that the Icelandic Group engaged Merrill Lynch International (“BofA Merrill Lynch”), a subsidiary of Bank of America Corporation to act as financial advisor to the group in connection with a review of strategic alternatives.
These strategic alternatives were to include, among other things, divestment of one or more of the group´s businesses as well as equity financings. The sale of the group´s operational platform in France and Germany forms part of this review.
The Reykjavik-based company said in June the sale of its French and German operations would help to lower debt and sharpen the operational focus of the company.
Icelandic acquired Pickenpack Hussman & Hahn (“PHH”) in Germany in 2005, an operation focusing on producing value-added seafood for the retail and food service markets in Germany and other European countries. A year later it bought the former Gelmer processing plant in Wimille, northern France, (which has since produced frozen seafood products under the brand name Icelandic Boulogne Sur Mer).
The two operations hold strong positions in their respective markets, with combined annual sales in 2010 amounting to 270 million euros (£238 million sterling) and total production of approximately 83,000 tons of quality seafood products per year. There are 650 employees in Germany and 250 in France.
Icelandic is currently contacting potential buyers regarding a sale of its operations in the United States as well as related sourcing and manufacturing businesses, including certain Asian operations. It is not yet known when that sale will be completed.
Icelandic also owns Coldwater Seafoods and Seachill in the UK and will retain these highly successful operations which are both based in Grimsby.
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