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Iceland Seafood to buy 67% stake in Oceanpath

FBR Staff Writer Published 15 March 2018

Global seafood processor Iceland Seafood International (ISI) has agreed to buy a 67% stake in Irish fresh fish company Oceanpath.

The purchase price will be in the range from €12.4m to €13.4m on a debt and cash free basis.

Oceanpath’s management will retain the remaining stake of 33%.

Iceland Seafood said that the transaction marks a major step in its strategy of bringing in strong organic growth in combination with acquisitions of first rate seafood firms under its fold.

Oceanpath managing director Alan Ecock said: “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, which provides fresh and smoked seafood to Irish retailers, operates two factories. The fish processing company sources, processes and sells fresh and frozen seafood including the Dunn’s of Dublin product range.

ISI CEO Helgi Anton Eiríksson said that the acquisition of Oceanpath continues the company’s strategy of expanding its value-added activities in Europe. He added that Oceanpath’s experienced management and its leading position in Ireland within the fresh fish and smoked seafood market gives an excellent platform for ISI for future growth.

Eiríksson said: “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. 

“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.”

Iceland Seafood is one of the largest exporters of fish products in Iceland. The company, which has been in business since 1932, operates two divisions and has seven subsidiaries in Europe and North America.

Image: Oceanpath is a fresh fish company based in Ireland. Photo: courtesy of markuso/Freedigitalphotos.net.