Glitnir Advises American Seafoods Group on the Acquisition of the Alaskan Pollock Assets of Yardarm Knot, Inc.
SOURCE:
Glitnir
2008-08-18 10:32:00
REYKJAVIK, ICELAND and NEW YORK, NY–(EMWNews – August 18, 2008) – Glitnir, the
leading provider
of financing and advisory services to the global seafood
industry,
advised Seattle-based American Seafoods Group (“ASG”) on
the
acquisition of the Alaskan Pollock assets of Yardarm Knot, Inc.
Both
ASG and Yardarm Knot operate in the U.S. Bering Sea.
The acquisition of these assets by ASG will enable it to further
its
position in the dynamic and growing global seafood industry.
Glitnir Capital Corporation’s seafood team in New York acted
as
exclusive financial advisor to ASG whilst Glitnir Banki
hf
participated in the financing of the acquisition; once
again
highlighting the bank’s proven execution capabilities within
the
global seafood industry.
Commenting on the transaction, Magnús Bjarnason, Executive Vice
President, International banking, said: “We are delighted to have
advised American Seafoods Group on this milestone transaction,
which
will increase the efficiency of the seafood sector in Alaska.
Glitnir
has defined the seafood industry as a core niche market in which
our
recognized expertise continues to play a leading role. Our
industry
team in New York again successfully acted as the lead advisor on a
significant industry transaction, and our debt financing unit
played
a key role in its financing.”
“Institutionally, Glitnir is proud to be indirectly supporting
the
economic improvement of the Alaskan communities, given their
ownership in ASG,” added Magnús Bjarnason. Coastal Villages Region
Fund and Central Bering Sea Fishermen’s Association, which
together
represent about 10,000 Alaskans, supply valuable fisheries quota
to
ASG and own a substantial equity position in the Company.
Glitnir has a long-standing relationship with American Seafoods,
its
shareholders and management team, and has supported the company in
several of its most critical transactions. According to Bernt
Bodal,
CEO and controlling shareholder of American Seafoods Group,
Glitnir
has been “a valuable and trusted partner delivering results both
as a
financial backer and as an advisor throughout the transaction
processes.”
Ignacio J. Kleiman, Glitnir’s Managing Director and Michael
Richard a
Director in New York add that: “Our in-depth knowledge of the
client
and the existing relationship with the owners of the target,
coupled
with our integrated execution capability in advisory and debt
financing, helped unlock this highly strategic transaction. As
part
of our niche focus, our goal is to continually add value to our
selected client base.”
For further information, please contact:
Bjørn Richard Johansen, Managing Director, Corporate
Communication,
Mobile +47-47 800 100, e-mail : [email protected]
About American Seafoods
American Seafoods is a leader in the harvesting, processing,
preparation and supply of quality seafood. Harvesting a variety of
fish species, the Company processes seafood into an array of
finished
products, both on board its state-of-the-art fleet of vessels and
at
its HACCP-approved production facilities located in both
Massachusetts and Alabama. The Company produces a diverse range of
fillet, surimi, roe and block product offerings, made from Alaska
pollock, Pacific whiting, Pacific cod, and sea scallops. Finished
products are sold worldwide through an extensive global
distribution
and customer support network. From the ocean to the plate,
American
Seafoods has established a global sourcing, selling, marketing and
distribution network bringing quality seafood to consumers
worldwide.
For more information, please visit us at www.americanseafoods.com.
About Yardarm Knot, Inc
Yardarm Knot, Inc., headquartered in Seattle, US, catches and
processes Alaskan Pollock, salmon and crab, headed by long-time
industry participant Al Chafee. For more information:
About Glitnir Bank
Glitnir is a Nordic bank, with headquarters in Iceland and
operations
in ten countries. Our home markets are Iceland and Norway, where
we
offer a broad range of financial services, including corporate
banking, investment banking, capital markets, investment
management
and retail banking. Outside of our home markets we have operations
in
Finland, Sweden, UK, Luxembourg, US, Canada, China and Russia. We
will furthermore open an office in India in the second half of
2008.
Glitnir also operate with representative offices to support its
global niche strategy in Chile, Peru and Japan. Our international
expansion is mainly driven by two specialized industry sectors —
seafood and sustainable energy — in which we have developed
significant industry expertise built on our Icelandic and
Norwegian
heritage. Our shares are listed on OMX in Iceland under the symbol
GLB. Glitnir Capital Corporation is a non-banking subsidiary of
Glitnir banki hf. For more information, please visit:
Copyright © Hugin AS 2008. All rights reserved.
