Tom Seaman recently wrote about the merger between ISI and Icelandic Iberica and the recent change in leadership in the Undercurrent News article, “Holyoake, Sveinsson step down from ISI board, former Iceland Group CEO set to join.” The article reveals how Holyoake is stepping down from his position on the board of ISI after they completed the merger with Icelandic Iberica.
The British real estate investor also invested in the seafood sector with the creation of his company, the British Seafood Group. He purchased a majority share of Icelandic Seafood International and he owned 42% of the company. The sale caused him to sell 42 million shares of the company in June. The company produces and sources a number of seafood products that are processed in a variety of ways including fresh fish, wet salted, land frozen fish, fish that are frozen at sea, pelagic fish, light salted, dry products, and shellfish.
ISI is now the leading export of seafood from Iceland. They inherited the connections from three previous groups. They are one of the most respected suppliers of seafood in the North Atlantic market, providing seafood to Europe and the U.K. They have a team of more than 280 people who add their expertise and knowledge to grow the company. The transformational deal with Iceland Iberica allows the business to have 11% of Iceland’s quota. The group is predicted to grow sustainably over the next several years. They are very happy with the prospects that Icelandic Iberica brings to the group. Icelandic Iberica was one of the leaders in seafood production for southern Europe and will add a turnover of 120 million euros to the ISI group. The company produces hake, cuttlefish, Argentinian shrimp, and cod. They have processing factories in Argentina and Spain.
ISI hopes to continue acquiring value-adding companies to their group to focus on building sustainable growth in key markets. They also acquired a majority share in an Irish seafood processor called Oceanpath Seafoods. However, ISI’s U.K. operation recently had a shift in management. The growth over the past year and a half required a shift in management.
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