Icelandic Group buys Belgian fish processing company

Icelandic Group buys Belgian fish processing company

Gadus has a distribution channel that extends throughout Belgium, state-of-the-art processing facilities and emphasis on environmentally certified products.

Icelandic Group has acquired the Belgian fish processing company Gadus. The company specializes in processing and sales of fresh and chilled fish products, in particular salmon and cod; approximately a third of the company's raw material is sourced from Iceland. The company's customers include some of the largest food retailers in Belgium, Gadus being the second largest fresh fish processing company in the country. The current annual turnover at Gadus is EUR 70 million.

Lárus Ásgeirsson, Icelandic Group CEO: "The acquisition of Gadus is a logical step for Icelandic Group in the development of the company for the future. Gadus enjoys a strong position in chilled and fresh marine products in its home market and its operations have been profitable and growing for a number of years. The investment will strengthen the segment of Icelandic Group's operations that focuses on processing and sales of fresh and chilled seafood in close cooperation with food retailers, the most successful aspect of the Group's operations in recent years. We see numerous possibilities of strengthening the operations of Gadus still further and achieve beneficial synergies within our group."

Gadus was founded in 1990 and from the outset the company has focused on service to the retail market with its modern facilities in Niewpoort. The company has a distribution channel that extends throughout Belgium, state-of-the-art processing facilities and emphasis on environmentally certified products. With its customers including some of the country's largest food retailers, the company's market position is also strong. The company’s business operations have been successful and its turnover has been increasing in recent years.

Miguel De Bruyckere, managing director, Gadus: "Gadus will continue to do what I believe is best for our customers, our products and our business. I believe that now is the right time to join forces with Icelandic Group because there is a great opportunity to consolidate each other‘s strengths and achieve our goals faster by way of access to Icelandic Group‘s resources and know-how. Icelandic Group will support Gadus in continuing to grow our business as an independent entity under the Gadus name, with our unique approach to quality and service. "

Herdís Fjeldsted, chairman of the board of directors of Icelandic Group: "These are exciting times in the seafood sector and in the production and marketing of marine products. The acquisition of Gadus opens up new market area for Icelandic Group and we can also see great opportunities in accessing other markets in neighboring countries through Gadus. These are markets with a strong culinary tradition of quality seafood. We will build on Gadus´s excellent service and continue providing our customers with opportunities to grow their sales of highest quality seafood products."

 

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