Seafood processor Icelandic Group, which supplies the likes of Tesco and MARKS AND SPENCER, has appointed financial advisors to review the “strategic alternatives” for the business – including possible disposals.
Icelandic said today (17 March) that it had hired Bofa Merrill Lynch as exclusive financial advisor” to lead the review.
“These strategic alternatives could include, among other things, dispositions of one or more of the group’s businesses as well as equity financings,” Icelandic said.
The announcement comes amid some uncertainty about the direction of the business. Talks between FSI, the consortium of pension funds that owns Icelandic, and private-equity fund Triton over a possible sale of the seafood firm’s productions operations collapsed earlier this year.
The consortium opted to put Icelandic’s US and Chinese operations on the block – but keep hold of its European businesses.
At the time of the Triton talks, Canadian seafood firm High Liner Foods made an unsolicited EUR340m (US$476m) takeover offer for the whole of Icelandic. Last month, High Liner told just-food that it remained interested in the assets up for sale.
The discussions over Icelandic’s future led to disagreements among the company’s senior management. Last month, the chief executive and deputy chief executive and CFO tendered their resignations.