Apetit Plc has signed an agreement to sell its seafood business in Finland, Norway and Sweden to the Norwegian seafood group Insula AS. Insula AS is a group of specialized and traditional seafood companies currently operating in Norway, Sweden and Denmark, serving demanding customers in the Scandinavian retail and service market.
The parties will not disclose the total transaction price. The agreement is structured as a business transfer in Finland and a share transaction of Maritim Food Group in Norway and Sweden. In Finland, Apetit will remain a minority shareholder of the seafood business, with a holding of less than 20 per cent.
Apetit will record a non-recurring write-down amounting to approximately EUR 1 million for the second quarter of 2017. The final result will be determined at the closing of the transaction. Apetit will report the Seafood segment as a discontinued operation. The transaction is not estimated to have a significant effect on Apetit Group’s full year operational EBIT, and the financial outlook for 2017 remains unchanged.
Apetit Plc CEO Mr Juha Vanhainen:
“Apetit Group’s aim is to become the leading vegetable-based food solutions company in the market. As a part of this evolution, we have been seeking a capable and professional partner to take responsibility of the strategic development of our seafood business. I’m confident, that as the core business in Insula AS, our seafood business will be able to step up to the next level. This will benefit our customers, as well as our personnel in Finland, Sweden and Norway. We believe strongly in this opportunity based on our view that Insula AS is one of the most innovative and customer-oriented seafood companies in Scandinavia.”
Insula AS CEO Mr Sigvald Rist:
“Apetit Seafood Finland provides us with a local platform for growth in the Finnish seafood market. The company is well positioned in the retail segment and has the capacity to grow further, both with existing and new seafood business. Finland has high seafood consumption and we see this agreement as a great opportunity to both learn more about and, at the same time, develop the Finnish seafood market further. This agreement also supports our aim to strengthen our seafood operations in Sweden and Norway. The product portfolio in Finland, Sweden and Norway complements Insula’s existing seafood business and it will contribute to developing the markets and introducing new products and innovations to our customers."
Apetit Group’s Seafood segment comprises Apetit Kala Oy fish processing business in Finland and Maritim Food Group in Norway and Sweden. Apetit Kala is one of the major manufacturers of salmon and rainbow trout fish products in Finland. Maritim Food Group produces high quality fish and shellfish products in Norway and in Sweden. In 2016, the net sales of Apetit’s Seafood segment’s operations were EUR 87.8 million and the operational EBIT was EUR -0.6 million. Apetit’s Seafood operations employ 82 persons in Finland, 71 in Norway and 15 in Sweden.
Insula AS is a Norway-based seafood Group focusing on quality products for the Nordic markets. It consists of solid and tradition-rich seafood brands and companies in Norway, Sweden and Denmark. Through the acquisition of Apetit’s seafood business in Finland, the company will also enter the Finnish market. Insula AS was established in 2015 and is owned by Kverva AS (92%) and company management (8%). Insula’s net sales in 2016 were NOK 2.4 billion (EUR 252 million) and it employed 800 persons.
The completion of the transaction is subject to the approval of the Norwegian competition authorities and the fulfilment of the other terms and conditions of the transaction. The transaction is expected to be completed in Q3, 2017.
Apetit Plc
Juha Vanhainen
For more information, please contact
Apetit Plc: CEO Juha Vanhainen, tel. +358 10 402 00
Insula AS: CEO Sigvald Rist, tel. +47 957 81 300
Copies to: Nasdaq Helsinki Main media www.apetitgroup.fi
