Iceland Foods has partnered with an Icelandic investment vehicle to distribute its products across the Nordic region.
The UK retailer and investment company SKEL has created a joint venture called ICE JV EHF, which will initially act as a wholesaler for Iceland’s products across Denmark, Sweden, Norway and Finland. Iceland will own 40% of the JV.
It will then explore the potential for opening retail stores once the products have gained a foothold in the market.
SKEL’s chairman Jon Asgeir Johannesson has worked with the retailer for 20 years, and previously led Baugur’s acquisition of Iceland’s holding company the Big Food Group in 2005.
“Bringing Iceland Foods’ products to the Nordic market was a natural step in our growth,” said Iceland Foods group chief executive Tarsem Dhaliwal. “It’s a region associated with knowing a thing or two about quality frozen food, and through our partnership with ICE JV EHF, we’ll be able to build a strong wholesale foundation which will expand our reach to new customers.”
SKEL CEO Ásgeir Helgi Reykfjörð Gylfason said: “SKEL aims to be a strategic investor through collaboration and partnership where our expertise and know-how advances our partners’ interests. Nearly one-third of our investments are in companies operating in the consumer market where we observe trends and movements closely.
“We are thrilled to announce our partnership with Iceland Foods International through ICE JV EHF, which marks a significant milestone for SKEL as we expand our presence in the grocery retail sector in line with our increased weight on foreign investments. This joint venture represents our commitment to take full advantage of opportunities by bringing high-quality and trusted products to new markets, combining SKEL’s operational strength with the well-known brand of Iceland Foods.”
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