New investor group buys assets of bankrupt Icelandic Skaginn 3X

A new investor group led by KAPP ehf. - a well-established Icelandic technology company specializing in equipment for the fishing industry, aquaculture, and other industries - announced it has reached an agreement to acquire all the equipment and chattels of the bankrupt Skaginn 3X in Akranes, Borgarfjardar, Iceland.

In addition to KAPP ehf., other shareholders of the newly established company KAPP Skaginn ehf. include the holding company VGJ, TECTRU S/A, key employees of the new company, and various investors. The company was previously owned by Baader but in the agreement, the bankrupt estate was represented by trustee Helgi Jóhannesson and Íslandsbanki.

Baader acquired Skaginn 3X in February 2022 intending to develop pelagic and whitefish processing solutions, in addition to subchilling, thawing, freezing and co-product handling for the seafood, poultry, and meat sectors. "With Skaginn 3X being a full member of Baader, we can now position ourselves as a full solution provider for all fish species," said then Baader Managing Director, Robert Focke.

However, attempts by the German processing equipment manufacturer to restructure the Akranes, Iceland-based company - which included appointments such as Jón Birgir Gunnarsson as CSO or Sigsteinn Gretarsson as CEO - proved unsuccessful, so last summer Baader decided to initiate insolvency proceedings.

Now, in addition to taking over Skaginn 3X's assets in Akranes, the new ownership group will also lease a significant portion of the properties the company previously occupied with the aim of restarting operations there.

"We are not just securing jobs in Akranes, but our expectation is that a profitable operation will be established here, which over time could become a center of knowledge and development for the company, particularly for the fishing industry in Iceland," said Freyr Friðriksson, chairman of KAPP Skaginn ehf., and CEO and largest shareholder of KAPP ehf.

Friðriksson, who was optimistic about the company's future, stressed that this milestone would not have been achieved without the combined efforts of many parties, not only the representatives of the bankrupt estate and Íslandsbanki but also the municipality of Akranes and many other stakeholders.   

The now-announced transaction is subject to approval by the Competition Authority in Iceland, but it is expected that Skaginn 3X's operations in Akranes can resume on November 1.