PELAGOS ACQUIRES PP FAROE

Pelagos acquires PP Faroe to become Faroe Islands’ largest operator of freezing plants. The shareholders of PP Faroe Pelagic, Kollafjørður, have signed a Letter of Intent with Pelagos, Fuglafjørður, on the transfer of the ownership of PP Faroe Pelagic, the two parties announced in a joint statement.

“Subject to the fulfilment by both parties of relevant conditions outlined in the Letter of Intent, PP Faroe Pelagic and Pelagos have agreed in principle on the ownership transfer to take place in full by December 1st, 2023,” the statement, dated on August 19th, read.

The deal will not affect the indirect holdings of Parlevliet & van der Plas, Netherlands, in fishing companies Næraberg, JFK and Kósin, we’re told.

“Both parties,” likewise, “have agreed that the acquisition will entail no operational disruption for PP Faroe Pelagic and that all workers currently employed there will be given the opportunity to continue in their jobs at the same place under the new employer.”

The deal will make Pelagos the leading owner-operator of freezing plants for pelagic fish in the Faroe Islands, with one such facility in Fuglafjørður and one in Kollafjørður.

PP Faroe Pelagic entered the Faroe Islands’ onshore pelagic processing business when the company, in 2009, took over the failing freezing plant known as Kollafjord Pelagic. With extensive experience in building and operating similar freezing plants in other countries, PP Faroe Pelagic successfully brought to bear its market-leading specialist knowledge. The company demonstrated the technical and economic viability of commercial processing of pelagic fish for human consumption on land in the Faroe Islands, effectively paving the way for the two other similar processing plants that were later built in the country.

The Pelagos freezing plant opened for business in 2014. Its shareholders are Havsbrún, Framherji, Palli hjá Mariannu, and á Enni.

PP Faroe Pelagic is indirectly owned by Parlevliet & van der Plas, Netherlands.

Photo: Aerial shot of the PP Faroe Pelagic freezing plant at Kollafjørður. Image credits: Jens Kristian Vang.

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