Iceland Seafood International (ISI) is expanding in southern Europe through the acquisition of Spain-based peer Elba for EUR4.4m (US$4.8m).

ISI has agreed terms with Barcelona-based Elba’s owners, GPG Seafood and IceMar. It expects the deal to close before year end.

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Tracing its roots to 1932, Reykjavik-based ISI is a sales, processing and marketing company for frozen, salted and fresh seafood.  

A publicly traded company with its shares listed on Nasdaq Iceland, it has operations in eight countries and more than 600 employees. It generates annual sales of around EUR450m with its southern European division providing around EUR180m.

Elba focuses on frozen light salted products. Its products are sold under the ElBa brand, which has a strong presence in the Spanish market. The projected turnover of the company for 2019 is EUR14.5m.  

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Bjarni Ármannsson, the CEO of ISI, said: “Elba will be a great addition to our operation in Spain and enable us to further leverage our distribution and production capabilities in this largest market for Icelandic cod.”  

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He added: “This acquisition is fully aligned with our strategy to focus on growth in our key markets where we have a strong platform and market position.”

Gunnlaugur Hreinsson, chairman of GPG Seafood, said: “It is an exciting step for Elba to join Iceland Seafood’s operation in Spain and become a part of a leading seafood provider in the south European market. We also believe the acquisition will deliver a strong partnership between GPG Seafood and Iceland Seafood that will be in the benefit of both companies for the years to come.” 

In February ISI announced it was merging its units in southern Europe.