21 February 2020

Iceland Seafood International hf. completes the acquisition of Elba in Spain

In accordance with announcement on  November 13th 2019 Iceland Seafood International ("Iceland Seafood") is delighted to announce that it has now completed the acquisition of Elba Seafood ehf, the holding company of Elba S.L. in Spain.

The acquisition of Elba Seafood ehf has now been completed in accordance with the Share Purchase Agreement which was signed in November 2019.  Conditions are the same as previously announced in announcements from 7th  and 13th of November.  The acquisition price for 100% stake is €4,400,000 on a debt free cash free basis, with 50% of the payment settled with cash and the other 50% with new shares in Iceland Seafood, which will be issued and delivered to the sellers when 2019 audited accounts for Elba S.L. have been completed.

Now, at closing, Iceland Seafood will take control of the company and its management. 

About Elba – www.elba.es

Elba S.L. is a strong seafood player in Spain, focusing on frozen light salted products.  The company is based in Barcelona and operates a production facility with total sales volume of 2.200MT per year.  Products are sold under the ElBa brand, which has a strong presence in the Spanish market and stands for quality seafood. According to unaudited numbers the turnover of the company  in 2019 is €14.4m and the EBITDA for the year €430k. 

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Bjarni Ármannsson CEO of Iceland Seafood

“We look forward to continue development of Elba. Like stated in our former announcements Elba is a strong addition to our operation in Spain and enables us to further leverage our distribution and production capabilities in this important market for Icelandic Cod.  We believe this move is beneficial for our shareholders, customers and suppliers.  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.  At the same time it will be a pleasure to welcome GPG Seafood and Icemar to our shareholders group and we welcome the employees of Elba in Spain to the Iceland Seafood family.  We look forward to the partnership.” 

About Iceland Seafood International – www.icelandseafood.com

Tracing its roots to 1932, Iceland Seafood is a worldwide sales, processing and marketing company for frozen, salted and fresh seafood.  Headquartered in Reykjavík with operations in eight countries with over 600 employees.  Iceland Seafood is a publicly traded company with its shares listed on Nasdaq Iceland. The Group generates annual sales of €450m across 45 countries.  

Next Wednesday, at its headquarters at 08:30, Iceland Seafood hosts an investor meeting to present the results for Q4 2019 and the outlook for 2020.  Investments, such as Elba, will also be addressed in more detail in the investor presentation.

Further information: 

Iceland Seafood international    

Bjarni Ármannsson, bjarni.armannsson@icelandseafood.com

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