Brim, Iceland's largest quota holder, on Friday announced it acquired a minority stake in Icelandic Pelagic, an exporter of mackerel, herring, capelin, Atlantic cod and other seafood.
Under the terms of the deal, Brim will take a one-third stake in the group, while Icelandic fishing and processing groups Isfelag Vestmannaeyja and Skinney-Thinganes will each hold one-third stakes.
Icelandic Pelagic, which was established by Isfelag Vestmannaeyja and Skinney-Thinganes in 2008, primarily targets Eastern Europe and Africa.
Isfelag Vestmannaeyja operates four processing plants, a fishmeal and freezing factory in Vestmannaeyjar, and a fishmeal and freezing plant in Thorshofn. The company also operates its own fleet.
Skinney-Thinganes operates a saltfish processing operation, freezing plant and fishmeal factory in Hornafjordur and a groundfish plant in Thorlakshofn. It also operates its own fleet.
Icelandic Pelagic also operates sales and logistics operations for other Icelandic and Greenlandic seafood suppliers.
The groups also operate Blumaris, a fresh and frozen groundfish and langoustine trader in France.
Brim, which trades on the NASDAQ OMX, harvests and processes pelagic and groundfish products across Iceland.
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