Walkers advise Iceland Seafood on further expansion into Irish seafood retail market

Walkers acted as lead counsel to Iceland Seafood International hf, the Nasdaq Iceland listed global seafood processing business (ISI), on its €6.5 million acquisition of the Carr & Sons Seafood business from Mondi Group AB, through ISI's existing Irish business Oceanpath Limited.

Walkers also advised on the parallel €9 million agreement to purchase the Ecock family's minority shareholding in Oceanpath through a mixture of cash and shares in ISI.

Carr & Sons specialises in high quality smoked salmon production and operates a production facility on the west coast of Ireland, with sales of €11.5 million in 2019 predominantly to Irish retail outlets.

This deal sees ISI considerably grow its presence in the Irish seafood retail market having first gained a foothold in the market in March 2018 with its 67% acquisition in Oceanpath. These transactions will help the Iceland Seafood group generate a strategic balance between the retail and foodservice sectors and with the anticipated retail growth in the UK, to generate 50% of its profitability from retail.

Oceanpath was established over 30 years ago by Alan Ecock and since then the Ecock family have grown Oceanpath to become a market leader in Ireland. Ken and Trevor Ecock will continue to play a key management role in Ireland following completion of the buyout.

The Walkers team was led by Corporate Group Partner Brendan O'Brien together with senior associate Eoin Ryan and associate Cal Kane as well as Tax partner Jonathan Sheehan, Employment partner Susan Battye and Real Estate senior associate Robert Upton.