{"id":4189,"date":"2011-12-22T05:00:00","date_gmt":"2011-12-22T05:00:00","guid":{"rendered":"https:\/\/worldfishing.nfdtesting.uk\/icefish-conference\/2011\/12\/22\/high-liner-acquires-icelandic-groups-us-and-asian-operations\/"},"modified":"2011-12-22T05:00:00","modified_gmt":"2011-12-22T05:00:00","slug":"high-liner-acquires-icelandic-groups-us-and-asian-operations","status":"publish","type":"post","link":"https:\/\/www.worldfishing.net\/icefish-conference\/news\/industry-news\/high-liner-acquires-icelandic-groups-us-and-asian-operations\/","title":{"rendered":"High Liner acquires Icelandic Groups US and Asian operations"},"content":{"rendered":"<p>This includes US$2m in closing adjustments. In addition, working capital adjustments net of cash balances were US$15.2m, reflecting the seasonally high working capital levels at the time of the closing of the transaction.<\/p>\n<p>&#8220;We are very pleased to have completed this acquisition, as it represents an important element of High Liner Foods&#8217; growth strategy. This acquisition positions High Liner as the leading value-added seafood supplier in North America, and adds incremental value to our shareholders,&#8221; said Henry Demone, President and CEO of High Liner Foods.<\/p>\n<p>For the 12 months ending September 2011, Icelandic Group&#8217;s US and Asian operations recorded sales of US$268m and pro forma adjusted earnings before interest, taxes, depreciation and amortisation of approximately US$29m, after taking into account the full year of savings from the investment in a new cold storage facility that opened in 2011.<\/p>\n<p>High Liner expects the acquisition to be immediately accretive to earnings per share before one-time costs related to the acquisition. On a pro forma basis, High Liner&#8217;s annual revenue would be approximately $900m for the 12 months ending September 2011.<\/p>\n<p>The transaction was financed with new long-term debt and an increase in High Liner&#8217;s existing asset-based revolving loan facility from US$120m to US$180m. The long-term debt is a US$250m senior secured term loan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>High Liner Foods Incorporated has completed the acquisition of Icelandic Groups US and Asian operations for US$232.7m.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"sponsor":[],"class_list":["post-4189","post","type-post","status-publish","format-standard","hentry","category-industry-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/posts\/4189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/comments?post=4189"}],"version-history":[{"count":0,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/posts\/4189\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/media?parent=4189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/categories?post=4189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/tags?post=4189"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/sponsor?post=4189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}