Brim has agreed to buy 50% of Polar Seafood Denmark in a deal worth €84 million.
The deal, between a newly established holding company owned by Brim and private companies held by Helge Nielsen, Bent Norman Petersen, and Louise Schov Petersen, is for existing shares worth €33 million plus new shares to the tune of €51 million.
The remaining half of the company will be owned by Polar Seafood Greenland.
Polar Seafood Denmark processes and exports wild seafood from the North Atlantic Ocean. Annual turnover in 2021 was €510 million with profits after tax of €31 million. Brim is an Icelandic company with operations in fishing, processing and international marketing and sales.
Following the sale Helge Nielsen will retire as managing director of Polar Seafood Denmark to be replaced by Henrik Leth who has served as chair of the board. Polar Seafood has a strong sales network which will complement Brim´s established sales network, especially in South-East Asia. We are equal partners, and we share the same experience and values,” said Henrik Leth.
Guðmundur Kristjánsson, chief executive of Brim said that that Polar Seafood Denmark had a long history in the sale of seafood from the North Atlantic Ocean. “Its operations are solid, and the staff has extensive experience in serving the global seafood markets,” he said.
