Iceland''s international, financial acquisition expedition continues with moves by SÃF hf. which was hoping, as we went to press, to finalise the acquisition of French food producer Labeyrie for some €332.3 million. Labeyrie Group produces retailer, chilled foods. A statement said the takeover would produce a group with a turnover of €1 billion and expected annual profits of €57.3 million based on the last 12 months results. The workforce would be 3,900 people in 11 countries.
Labeyrie, the statement said has six plants in France, Spain, and Scotland and staff of 2,400 people producing smoked salmon, foie gras, blini and taramasalata. Approximately 55% of its turnover comes from seafood and Labeyrie is the main player in the smoked salmon market in France and Spain. Turnover last fiscal was €311 million in turnover in the last fiscal year.
The acquisition comes via European investment fund Industri Kapital, which acquired a majority holding in Labeyrie in March of 2002 SÃF is making the purchase through syndicated loans, a share issue of up to €240 million. It will also sell off a 22.34% stake in Icelandic Group plc, and sell its US subsidiary SÃF Iceland Seafood corporation to SjóvÃk ehf. for €55 million.
SÃF, which will reorganise its operations to meet the new food market produces bacalao, shellfish, smoked salmon, foie gras, blini and taramasolata for sale worldwide under its own brand and that of the retailers.
