The acquisition of the 85% stake in Ahumados Dominguez was completed for €12.44 million, a valuation in line with the previously agreed LOI from May 2021. The company reported sales of €19.3 million in 2020, with adjusted EBITDA of €1.7 million and adjusted PBT of €1.1 million.
Iceland Seafood plans to finance the acquisition through a combination of debt and equity. Further details on the share issuance will be provided as they become available.
Ahumados Dominguez is well-known for its production of high-quality smoked salmon and has strong brand and consumer recognition within the Spanish retail market. The brand is among the top seven most recognized in the smoked salmon sector. The acquisition will not only enhance Iceland Seafood’s position in the Spanish retail market but will also create opportunities to market high-quality cod products. This acquisition opens the door to entering Spain’s fast-growing retail salmon sector and expanding sales and profitability over the coming years.
Bjarni Ármannsson, CEO of Iceland Seafood, commented:
“I’m pleased we are announcing the acquisition of Ahumados Dominguez. This is a very important part of our ambition to strengthen our position in Spanish retail and, at the same time, enter the fast-growing salmon sector in Spain. Ahumados Dominguez is an excellent addition to the strong salmon footprint we have in the Irish salmon sector. With over 6,000 MT of raw material annually for high-quality salmon products, predominantly for retail, we believe the experienced management team at Ahumados Dominguez will create a strong platform for future growth.”
Pedro Mestanza, Managing Director of Ahumados Dominguez, stated:
“It is an exciting step for Ahumados Dominguez to partner up with Iceland Seafood. The Group’s international expertise in sourcing and marketing seafood creates an opportunity to expand our range of high-quality products while maintaining the highest standards of service to our customers.”
Mar Advisors advised Iceland Seafood International on the transaction.
For more information:
Iceland Seafood International hf.
icelandseafood.com/Investors
Bjarni Ármannsson, bjarni.armannsson@icelandseafood.com
