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Gadus is specialized in the production and sale of fresh seafood to retailers and wholesalers. (Photo: Icelandic Group)

Icelandic Group sells its Belgian operations

ICELAND
Thursday, January 12, 2017, 01:00 (GMT + 9)

The board of directors of Icelandic Group has decided to initiate a public sale process for its Belgian operations, Gadus.

Gadus is specialized in the production and sale of fresh seafood to retailers and wholesalers. The company has being operating for over 25 years, and is the second largest fish processor in the Belgian fresh fish market.

The company sells about 7,000 tonnes of product annually and is a category leader for large retail and cash & carry chains. Besides, it has signed a long-term exclusive contract with a major retailer in 2015.

Gadus’s revenues totalled approximately EUR 83 million in 2016, and it employs nearly 130 people.

Íslandsbanki Corporate Finance will be in charge of managing the sale of all Gadus shares.

The announcement of the sale of Gadus follows another event by Icelandic Group in mid-December, an agreement with Nesfiskur ehf for the sale of its subsidiary Ný-Fiskur. This operation would not include the company's trademark, Iceland Seafood.

This sale is part of the Iceland Enterprise Investment Fund's plan to simplify the operations of Icelandic Group, which belongs to it as a whole.

Earlier, the investment fund had informed the sale of another subsidiary of Icelandic Group located in Spain, to an Icelandic producer.

Related articles:

- Icelandic Group sells its subsidiary Ný-Fiskur
- Icelandic Group sells Spanish subsidiary to Icelandic producers

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