Icelandic Group Agrees Sale of Seachill to Hilton Food Group


Icelandic Group is pleased to announce the sale for cash of its UK-based subsidiary Icelandic Group UK (“Seachill”), to Hilton Food Group (“Hilton”), a leading specialist international meat packing business for an Enterprise Value of GBP 84 million. The transaction is due to complete on or around 7 November 2017.

The Seachill sale process, announced by the Board of Icelandic Group in April 2017, received significant interest from multiple parties on a global basis. Oghma Partners and Íslandsbanki acted as joint financial advisors to Icelandic Group. LOGOS Legal Services acted as legal advisers to Icelandic Group.

Seachill will become a standalone division of Hilton following completion, with the existing Seachill management team remaining in place. Simon Smith, the current Seachill Chief Executive Officer, will continue to lead the business as a divisional head of Hilton.

Seachill is a major supplier of chilled and frozen natural whitefish and salmon and added value products within the coated and ready-to-eat fish sectors. Significant sector expertise in consumer understanding, procurement and factory operations underpin the business and enable strong partner relationships with strategic major retailers. Seachill is also the owner of The Saucy Fish Co. which has gained recognition and success both domestically and internationally as a modern, consumer- focused brand.

Hilton is a leading specialist international meat packing business, supplying major international retailers from its state-of-the-art facilities. Hilton’s business was established in 1994 to set up and operate a beef and lamb central meat packing facility in Huntingdon, UK. Hilton has grown rapidly and now has six factories across Europe plus two joint ventures which allows the Group’s products to be sold in supermarkets across 14 European countries. Hilton is a publicly traded company listed on the Main Market of the London Stock Exchange.

Herdís Dröfn Fjeldsted, Chair of the Board of Icelandic Group and CEO of the Icelandic Enterprise Investment Fund (“EIF”) said: “This agreement to sell the business comes after the completion of a very successful re-organisation of our UK businesses under the current management team into a single business known as Seachill, which has given a scale that has enabled the growth of stronger and more successful strategic relationships with customers and suppliers. It is clear that Hilton is very well positioned to deliver further success for the business.”

Simon Smith, CEO of Seachill said: “There is a very strong strategic fit between the businesses, and I believe the transaction will be welcomed by all stakeholders. Under the ownership of Hilton we will be able to invest further in our facilities and improve our organisational capability to serve our customers better. This is great news for the ongoing success of the business.”

For further information, please contact:
The Icelandic Group
Attn: Sara Lind Þrúðardóttir
Phone: +354 852 8804

About Icelandic Group and EIF:

  • The Enterprise Investment Fund owns a 100% share in Icelandic Group. The EIF is an investment fund in ownership of fifteen Icelandic pension funds, Landsbankinn and VÍS.
  • Icelandic Group is the owner of the “Icelandic” and “Icelandic Seafood” brands, managing all marketing for the brands in addition to providing various services to license holders and other producers in Iceland. The company´s primary partners are Solo Seafood and Highliner Foods, which sell high quality seafood products under the “Icelandic Seafood” brand. All products sold are subject to strict quality standards and quality control, resulting in a superior seafood brand.

Older news

An open sales process of Íslandsbanki’s holding in Borgun

The Íslandsbanki Board of Directors has decided to initiate a formal sales process of the Bank’s holding in Borgun. The process will be open and...More

Islandsbanki hf.: Fitch affirms Íslandsbanki BBB rating with stable outlook

26.11.2018 - IR Releases
Today, Fitch Ratings has affirmed Íslandsbanki's rating of BBB with a stable outlook.More

Pay with your phone

Customers of Islandsbanki can now use conduct contactless payments with their phones all around the world.More

Consolidated Unaudited Interim Financial Statements 9M18

07.11.2018 - IR Releases
Íslandsbanki made a net profit of ISK 9.2 billion in the first nine months of the year and an annualised ROE of 7.1% (9.0% for regular operations).More

Íslandsbanki invests €3 million in Meniga’s digital banking solutions

Meniga’s total investment from banks in 2018 reaches €9.1 millionMore

Nordic CEOs join forces for a sustainable future

Today, a group of Nordic-based CEOs announced a joint initiative to speed up the realisation of the UN Sustainable Development Goals (SDGs). More

Íslandsbanki in cooperation with LATTICE80 the world’s largest fintech hub

This spring, the Bank announced its intention to collaborate on developing future fintech solutions providing third-party access to information via...More