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Ahumados Dominguez will improve balance of Iceland Seafood International s sales in Spain
Iceland-based seafood processor Iceland Seafood International has moved to expand its presence in Spain with the purchase of 80% of local salmon, cod and trout supplier Ahumados Dominguez.
Under the terms of a letter of intent, Iceland Seafood International said it would pay 8.8 times Ahumados Dominguez s EBITDA for the shareholding. In 2020, Ahumados Dominguez s generated EBITDA of EUR1.7m (US$2.1m), pre-tax profits of EUR1.2m and sales of EUR19.3m.
The remaining 20% of Ahumados Dominguez would be held by Pedro Mestanza, the Spanish firm s managing director, who would continue to lead the company after the deal is completed.