Iceland Seafood International hf enters the fast-growing retail market for salmon in Spain with the acquisition of Ahumados Dominguez – ISI

Por Gemma News septiembre 15, 2021

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

0-Iceland-Seafood-International-hf-enters-the-fast-growing-retail-market-for-salmon-in-Spain-with-the-acquisition-of-Ahumados-Dominguez (Demo)

Por Gemma News

The 85% stake in the company is acquired at €12.44m, representing a valuation in line with agreed LOI announced in May this year. The sales of the company in 2020 were €19.3m, EBITDA and PBT after adjusting for one off items were €1.7m and €1.1m respectively. Iceland Seafood will finance the acquisition with a combination of debt and equity, further information on share issuance in relation to the acquisition will be provided when available.

Ahumados Dominguez is known for its production of premium quality smoked salmon. The company has strong brand and consumer recognition in Spanish retail. It actively runs consumer campaigns and has a direct consumer facing through its specialty stores. The Ahumados Dominquez brand is among the seven most dominant brands in the smoked salmon sector within Spanish retail. The acquisition will strengthen Iceland Seafood’s proposition in the Spanish retail sector and it will create opportunities to utilize the strong platform of Ahumados Dominguez to sell high quality cod products. At the same time Iceland Seafood will be entering the fast-growing retail market for salmon in Spain. Utilizing opportunities that Ahumados Dominguez has as a standalone company and new opportunities created with the acquisition, the aim is to significantly grow both sales and profitability in the coming years.

Bjarni Ármannsson CEO:

“I’m pleased we are announcing the acquisition of Ahumados Dominguez. This is a very important part of our ambition to strengthen our position into Spanish retail and at the same time, entering the fast-growing salmon sector in Spain. Ahumados Dominguez is an excellent addition to the current strong footprint in salmon that we have in the Irish salmon sector. Annually, the Group will be producing high quality salmon products from over 6,000 MT of raw material, predominantly for retail. We are confident that the Ahumados Dominguez experienced management team and strong consumer brand position will create an excellent platform for future growth and welcome this new addition to the group.”

Pedro Mestanza, MD Ahumados Dominguez:

“It is an exciting step for Ahumados Dominguez to partner up with Iceland Seafood. The Groups international expertise and experience when it comes to sourcing and marketing of seafood creates an opportunity to expand our range of high quality products whilst 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.
http://www.icelandseafood.com/Investors

Bjarni Ármannsson, bjarni.armannsson@icelandseafood.com