Reykjavik, Iceland-based fisheries company Brim has completed the acquisition of a half-share in Polar Seafood Denmark.
Brim first announced the deal on 21 October, 2022, paying DKK 625 million (USD 92 million, EUR 83 million) for a 50 percent stake. The other half of Polar Seafood Denmark will continue to be owned by Polar Seafood Greenland.
Brim acquired its portion of the Polar Seafood Denmark through a newly established Danish holding company from private companies held by Helge Nielsen, the managing director of Polar Seafood Denmark; Bent Norman Petersen; and Louise Schov Petersen.
The company announced on 13 April, 2023 in a posting to Nasdaq Iceland that all business related to the acquisition has been completed.
Polar Seafood Denmark had an annual turnover of DKK 3.79 billion (USD 558 million, EUR 508 million) in 2021, with a profit after tax of DKK 229 million (USD 33 million, EUR 30 million), Brim said.
“Brim is an ideal partner and I look forward to developing our cooperation,” Polar Seafood Denmark Board Chair Henrik Leth said. “Polar Seafood has a strong sales network which will complement Brim´s established sales network, especially in Southeast Asia. We are equal partners, and we share the same experience and values.”
Following the purchase, Nielsen will retire from his position as managing director, to be replaced by Leth.
“Polar Seafood Denmark A/S is a well know company with a long history in the sale of seafood from the North Atlantic Ocean,” Brim CEO Guðmundur Kristjánsson said. “Its operations are solid, and the staff has extensive experience in serving the global seafood markets. Partnering with Polar Seafood Denmark is a positive development and will strengthen our sales network of seafood from the North Atlantic Ocean.”
Brim’s investment in Polar Seafood Denmark adds to its investment portfolio. The company invested EUR 85 million (then USD 95.4 million) in Greenland-based Arctic Prime Fisheries in 2020.
Photo courtesy of Brim
