Iceland Seafood International (ISI) has signed a letter of intent with Mondi Group AB to pay €6.5 million to acquire a 100% stake in Carr & Sons Seafood Limited Ltd, an Irish seafood processing company specialized in high quality smoked salmon production. The transaction is expected to be completed before November 30.
With the acquisition of Oceanpath in March of 2018, ISI established a solid foundation in the Irish seafood market. The proposed purchase of Carr & Sons would strengthen the company’s position further.
Carr & Sons operates a processing plant in Killala, County Mayo, which focuses primarily on smoked salmon production for retail sector customers. Turnover in 2019 amounted to €11.5 million, with a profit before tax of €0.9 million.
Products are distributed both under retailers’ private labels and brand names. A significant portion of revenues is generated from sales of its Nolan Seafoods brand smoked salmon. The company also packs organic salmon, smoked mackerel, kippers, sea trout, prawn cocktail and other value-added items that are sold both locally in Ireland and in export markets abroad.
Iceland Seafood described the planned acquisition “as a great fit to the group’s strategy to focus on growing value-added activities in markets where we have a strong platform and market position.”
The pending purchase is also regarded as a significant step to create an advantageous balance between retail and foodservice sectors, with an estimated 50% of the group’s profitability coming from the retail channel upon closing the deal.
About Iceland Seafood International
Tracing its roots to 1932, ISI is a worldwide sales, processing and marketing company for frozen, salted and fresh seafood. Headquartered in Reykjavík with operations in eight countries employing over 600 people, the company is publicly traded with its shares listed on Nasdaq Iceland stock exchange. The group generated sales of approximately €450 million across 45 countries last year.