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Seafood
Glitnir Advises American Seafoods Group on the Acquisition of the Alaskan Pollock Assets of Yardarm Knot, Inc.
REYKJAVIK, ICELAND and NEW YORK, NY - 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, Magnus 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 Magnus 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."
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.
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: www.yardarm.net
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: www.glitnirbank.com
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| © Copyright 2008/Exchange Morning Post/Exchange Business Communications Inc. |
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