THE expanding Scandinavian seafood company Insula has been given the go-ahead to acquire yet another business.
The Norwegian Competition Authority says it can proceed with its plan to purchase the seafood businesses of the food company Apetit, based in Finland, Sweden and Norway.
The figure has not been disclosed, but it hopes to complete the deal, first announced in June this year, by the end of this month.
Apetit said it plans to concentrate its energies on its vegetable based food solutions business.
Insula was established in 2015 and produces and markets seafood and sushi. This will be its fourth acquisition in the past 18 months.
In May 2016, it entered into an agreement to buy the Swedish seafood supplier Västkustfilé. Six months later it purchased 90 per cent of the shares in the white fish producer Tobo Fisk.
Then in August this year Insula entered into another agreement to acquire 96 per cent of the shares in the 50-year-old Nordic Group, which operates as a seafood export trader and last year had a turnover of a billion kroners.
Nordic also has a solid network of seafood suppliers along the entire coastline of Norway.
Insula CEO Sigvald Rist said: ‘Apetit Seafood Finland provides us with a local platform for growth in the Finnish seafood market.
‘The company is well positioned in the retail segment and has the capacity to grow further, both with existing and new seafood business.
‘Finland has high seafood consumption and we see this agreement as a great opportunity to both learn more about and, at the same time, develop the Finnish seafood market further.
‘This agreement also supports our aim to strengthen our seafood operations in Sweden and Norway. The product portfolio in Finland, Sweden and Norway complements Insula’s existing seafood business and it will contribute to developing the markets and introducing new products and innovations to our customers.’
Apetit Group’s seafood segment comprises Apetit Kala Oy fish processing business in Finland and Maritim Food Group in Norway and Sweden.
Apetit Kala is one of the major manufacturers of salmon and rainbow trout fish products in Finland. Maritim Food Group produces high quality fish and shellfish products in Norway and in Sweden.
In 2016, the net sales of Apetit’s seafood segment operations were 87.8 million euros and the operational EBIT was minus 0.6 million euros . Together, the Apetit acquisitions employ around 170 people.