Fishing giant Brim to acquire Icelandic fish oil producer

Brim hf., one of the largest fishing companies in Iceland, has confirmed the approval of its acquisition offer for all shares in Lýsi hf., for a total value of ISK 30 billion (approximately EUR 200 million).

As confirmed by Brim, the concluding step is subject to the approval of the boards of directors of both companies, the buyer's general shareholders' meeting, and authorization from the Competition Authority.

From the ISK 30 billion, interest-bearing debt of ISK 5,277,295,082 (approx. EUR 35.18 million) as of June 30, 2025, will be deducted. The purchase price will be paid 50% in cash and 50% in Brim hf. shares, based on the closing price of ISK 63 (€0.44) per share on September 23, 2025.

"The parties see great opportunities for synergy and growth to strengthen Lýsi's raw material position, as well as for Brim to advance further up the seafood value chain," according to a statement from the fishing giant.

In its early days, Lýsi focused on exporting bulk products, and starting in the 1950s, the Icelandic company began producing cod liver oil in consumer packaging. Since 2005, it has produced its fish oils in a brand-new, specially equipped processing plant in Reykjavik with a capacity of 13,000 tons.

At the end of 2024, Lýsi's assets amounted to ISK 21.3 billion (EUR 142 million), and its equity was nearly ISK 5 billion (EUR 33.33 million). The CEO, Katrín Pétursdóttir, is the company's largest shareholder with a 41% stake.