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August 31, 2020

Iceland Seafood in move to acquire Ireland peer Carr & Sons

Iceland Seafood International has announced a plan to acquire a branded and private-label seafood peer in Ireland.

By Dean Best

Iceland Seafood International (ISI) plans to acquire Carr & Sons Seafood, a subsidiary of Sweden’s Mondi Group.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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The publicly-listed Icelandic processor, based in the capital city of Reykjavík, said today (28 August) it has signed a letter of intent with Mondi to purchase Ireland’s Carr, which specialises in smoked salmon destined mainly for the retail sector for both branded and private-label products.

ISI expects to close the deal by the end of November based on a price tag of EUR6.5m (US$7.7m), although key terms for the proposed transaction have yet to be agreed.

Located in the village of Killala, County Mayo, Carr generated sales last year of EUR11.5m and a pre-tax profit of EUR0.9m, according to the statement. The seafood firm’s branded sales mainly consist of those from Nolan Seafoods, which was trading as Nolan’s Quality Seafood before a merger with Carr in 2019.

“Iceland Seafood sees the proposed acquisition of Carr & Sons as a great fit to the group’s strategy to focus on growing value-added activities in markets where we have a strong platform and market position,” it said. “The acquisition will further strengthen the group position servicing the Irish retail market.”

In March, ISI announced plans to merge its two UK operations and moving them into a newly acquired manufacturing site in Grimsby in eastern England. A month earlier, the company said it was merging operations in southern Europe.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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