Iceland Seafood International is buying up a majority stake in Ireland-based peer Oceanpath Seafoods for as much as EUR13m (US$16.1m).

The seafood exporter, which is part of the Iceland Seafood group, will take a 67% stake in the company, while existing management will retain 33%. The deal was inked yesterday (13 March), although it is still subject to customary closing conditions.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Iceland Seafood will pay EUR12.4m to EUR13.4m for the stake on a debt and cash-free basis, with the final price to be determined by Oceanpath’s profitability for the 12 months ending this April and the following year’s results, according to a statement.

Of the total cost, Iceland Seafood will pay EUR7.4m upon completion of the deal and further payments in August of this year and next. The company is financing the transaction with its own cash, although it may take out a EUR5m long-term loan.

Oceanpath is owned by the Ecock family, with Alan Ecock the largest shareholder. He will stay on as managing director, while his two sons, Ken and Trevor, will continue as commercial and production directors, respectively.

See Also:

Alan Ecock said he hopes the tie-up with Iceland Seafood will enable the company to stay at the forefront of the growing Irish seafood market.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

He added: “It is very exciting for us at Oceanpath to partner up with Iceland Seafood International. The group’s vast experience in the international seafood marketplace affords us the opportunity to expand our product range whilst maintaining the highest standards of service to our customers.”

Oceanpath is the largest local seafood supplier to retailers and wholesalers, and expects to generate revenues in the region of EUR33-35m in the year to 30 April. The company operates under two units: Oceanpath sells fresh and frozen seafood, while Dunn’s of Dublin is a supplier of premium smoked salmon products to retail customers.  

Helgi Anton Eiríksson, the chief executive of Iceland Seafood, said the acquisition builds on its strategy of expanding its “value-added activities” in Europe.

“The acquisition brings the opportunity of expanding the business at a domestic and international level via the introduction of new products into ISI group sales channels, taking advantage of ISI’s strong commercial setup in Europe, North America and Asia,” the CEO added.  

“At the same time, Oceanpath has a unique platform to expand its product range in the local market via accessing ISI’s strong manufacturing and group sourcing network.”