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Icelandic Iberica seafood business held within its Icelandic Group hf. Investment bank Islandsbanki has been appointed to start the open sale process of all shares in Icelandic Iberica SA. The move follows the recent sale of the Icelandic Asia business to Brim Seafood, one of the leading fishing companies in Iceland, in December 2015. Icelandic Iberica was founded in 1996 and specializes in wholesale distribution of a variety of frozen fish products, mostly sourced in Iceland, to the food service industry. Icelandic Iberica specializes in the marketing, sales and distribution of seafood on the Iberian peninsula. It is a leading branded seafood supplier to the Spanish food-service in Spain, and is growing in Southern Europe (Portugal, Italy & France). Icelandic’s main species include cod, saith, red fish, shrimp, scampi and other crustaceans and mollusks. Icelandic Iberica has offices in Barcelona, Madrid, Vigo, Malaga, Genoa, Nantes and Paris. “Icelandic Iberica’s income last year amounted to more than €100 million and the company has about 140 employees,” said Íslandsbanki in a statement. In 2005, Icelandic Iberica acquired Ecomsa, a production and distribution company specialising in seafood distribution to hotels and restaurants in southern Spain. The company operates its own fleet of trucks serving more than 2,000 customers. The parent company Icelandic Group will be reorganized, retaining only vital services. Having successfully completed the turnaround and reorganization of the group since 2014, Árni Geir Palsson, Group CEO, and Jóhann Gunnar Jóhannsson Deputy CEO & CFO will take on new roles as consultants to the board to advise and assist during the transition. “Icelandic Group has undergone major changes in recent years and we have made good progress in reorganizing the company,” said Herdis Fjeldsted chairman of Icelandic Group and Managing Director of Enterprise Investment Fund. “The sale of Icelandic Ibérica, as well as the restructuring of Icelandic Group, are a logical extension of that work.” Icelandic Group reported revenue from continuing operations of €536.4m in 2015 compared to €493.9m in 2014, an increase of 9%. EBITDA amounted to €18.3m in 2015 compared to €12.6m in 2014, and a profit of €7.9m in 2015, compared to a loss of €5.4m in 2014. Icelandic Group is a leading global seafood company with a 70-year history. Icelandic is a leading supplier to the UK retail market with a 15% market share, and it is the second largest supplier to the Belgian retail market for seafood products. Icelandic is a large supplier to the Spanish food-service and catering market, with branded frozen products for both full service and quick service restaurants. The company also has a well established brand in the American food-service market under its Icelandic Seafood trademark. With a smaller and less complex organizational structure, IEIF’s remaining individual operations of Icelandic Seachill (UK), Icelandic Gadus (Benelux), and Icelandic Ný-Fiskur (Iceland) will report directly to the Enterprise Investment Fund and will be wholly managed by the current in-country teams. Fish was Iceland’s most important export throughout the last century, and it remains so today. Processing at first consisted in curing and salting, but towards the middle of the century freezing was introduced and was to become a widespread alternative to the earlier processing methods as an excellent way of getting raw materials in the freshest possible state to distant markets. Icelandic Group, formerly Icelandic Freezing Plants Corporation, was founded in 1942. At the time, it was owned by its members and its objective was to sell their products on the basis of mutual undertakings concerning product delivery and sales. The corporation was reformed as a limited liability company in 1996 and later listed on the Iceland Stock Exchange. In 2008, it was de-listed. The mutual obligation concerning delivery and sales was eventually discontinued and arm’s length business with producers introduced in its place.]]>