Icelandic Group said today (9 September) it has agreed to sell its Spanish subsidiary to Solo Seafood – which is owned by a group of seafood companies in Iceland that are among the subsidiary’s main suppliers.

Solo’s owners, which include Fisk-Seafood, Jakob Valgeir and Nesfiskur, have supplied seafood to restaurants in southern Europe through Icelandic Ibérica for a number of years, Icelandic said. “The buyers aim to further promote sales and marketing of Icelandic seafood under the Icelandic Seafood brand in southern Europe.”

The deal, for an undisclosed sum, follows Icelandic’s announcement earlier this year in the wake of a broader reorganisation of group operations.

Icelandic stressed its Icelandic Seafood “primary brand” is not included in the sale to Solo. However, in addition to the purchase agreement, Icelandic said it had signed a brand licensing agreement that gives Solo “seafood exclusive utilisation rights of the Icelandic Seafood brand in southern Europe”.

Under the terms of the deal, Icelandic Ibérica’s CEO Hjörleifur Ásgeirsson, who has held the post for 20 years, will continue as CEO after Solo’s acquisition.

Icelandic Ibérica, one of four subsidiaries of the Icelandic Group, said it is one of the biggest sellers and distributors of lightly salted cod from Iceland in addition to other frozen marine products. The subsidiary said it sells marine products to more than 4,000 customers in five countries in southern Europe. Icelandic Ibérica’s sales amounted to more than EUR100m ($US112.7m) in 2015.

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By GlobalData

Icelandic Group chairman Herdís Dröfn Fjeldsted, who is also CEO of the group’s owner, the Iceland-based Enterprise Investment Fund, said: “We believe that ownership by Icelandic producers provides an opportunity to further increase the value of seafood originating from Iceland sold under our established Icelandic Seafood brand.”