HB Grandi Acquires Seafood Processor29 May 2014
ICELAND - HB Grandi has purchased all the shares of the production company Norðanfiskur, located in Akranes, from its co-owners.
The purchase price is ISK 580 million. HB Grandi already owned 23.8 per cent of the shares in Norðanfiskur.
Norðanfiskur specialises in the processing of seafood products in consumer packaging and supplies a large range of seafood products restaurants, cantines and retailers. The company was founded in Akureyri in 2001 and moved its operations to Akranes two years later when it merged with the company Íslenskt-Franskt eldhús.
The acquisition is a part of HB Grandi’s focus on increased value creation from the company’s harvesting rights. HB Grandi additionally intends to create a path for its fully processed goods into the domestic market.
There are 28 employees working for Norðanfiskur. Its financial standing is sound, selling goods for ISK 1,263m in 2013.
It is assumed that the purchase will strengthen the company’s operation even further. Norðanfiskur will continue to operate in Akranes, and Pétur Þorleifsson will continue as the Managing Director of the company.
TheFishSite News Desk