August 18, 2008
Glitnir Advises American Seafoods Group on the Acquisition of the Alaskan Pollock Assets of Yardarm Knot, Inc.
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."
For further information, please contact:
Bjorn Richard Johansen, Managing Director, Corporate Communication, Mobile +47-47 800 100, e-mail : [email protected]
About American Seafoods
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.
About Yardarm Knot, Inc
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
About Glitnir Bank
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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