Icelandic fishing company Isfelag Vestmannaeyja is betting on the Icelandic salmon farming sector after snapping up a minority stake in producer Ice Fish Farm earlier this month.

The group acquired a 29.3 percent stake for approximately around NOK 647.1 million (€57 million/$60.4 million) through a partnership deal with majority shareholder Masoval Eiendom of Norway.

Founded in 1901, Isfelag Vestmannaeyja is one of Iceland’s oldest seafood companies, and views the emerging salmon farming sector as a natural fit as it diversifies.