Market news
  News categories
  ICEX Web
  Íslensk útgáfa
Issuers > Latest news > News of date > News between dates
Printable version
Adrimex joins Alfesca's shell fish portfolio   20.2.2007 08:57:04
News categories: Corporate news      Íslenska  English
Alfesca has today completed the acquisition of Adrimex SAS, a leading specialised processor and distributor of high quality shellfish for €21

Alfesca has today completed the acquisition of Adrimex SAS, a leading specialised processor and distributor of high quality shellfish for €21.2 million.[1]


Adrimex is one of the foremost businesses in the shell fish category in France and an important player in the fast growing market for processed value added shell fish products.


In the year to 30 September 2006, Adrimex’s net sales were €56.4 million, representing an increase of over 14% against its sales of the previous year.  Underlying EBITDA for 2006 was €3.35 million implying a transaction multiple of 6.3 times in respect of the enterprise value to EBITDA multiple.


The acquisition is financed in full with a loan from the French bank Natixis, which is a participant in Alfesca’s syndicated bank loans.


Adrimex will be part of Alfesca consolidated accounts as of 19 February and therefore included in next quarterly financial statements.


Adrimex operates two processing plants on a single industrial site in Nantes, western France, and employs approximately 120 people on a full time basis.


Over the last three years Adrimex has achieved an average growth rate of over 9% each year by focusing on products based on large warm water prawns and by developing its range of value added prawn products.  Adrimex’s current product range includes ready to eat and valued added tropical prawns; prawn brochettes and barbeque trays; prawn rings as well as frozen prawns, which are all sold in a variety of convenient packaged formats.  Approximately 90% of Adrimex’s net sales relate to tropical prawns, which are largely sold to hyper and super market retailers in France.[2] 


The Company’s focus on developing new products has resulted in Adrimex enjoying strong market share positions in its key market segments within hyper and super market chains, which include the important and growing self service wet fish counter and seafood counters. 


Adrimex has also benefited from the fact that its business is aligned with fundamental consumer trends as prawns have become more popular as a premium product with more affordable price positioning together with a consumer shift towards convenience and healthy foods, which are strong attributes of prawn based products. 


Adrimex will also provide Alfesca with a category leading business with high growth prospects, which will be highly complementary to Alfesca’s existing Labeyrie and Delpierre brands in France and increase its sales mix.  Under Alfesca’s ownership, Adrimex will benefit from greater investment and access to Alfesca’s know how and infrastructure.


Adrimex will continue to be run by its existing strong management team, led by its Managing Director, Eric Pinoncely, and will benefit from access to Alfesca's industrial and commercial know how and routes to market.


Alfesca plans to operate Adrimex as a strong independent unit close to its market in line with Alfesca’s business model.  At the same time, the acquisition is still expected to generate significant synergies through application of sourcing; product development; branding and commercial know how, as well as administrative resources.


Xavier Govare, CEO of Alfesca said:


“This is an excellent acquisition for Alfesca. 


“Adrimex's strong position in the shell fish market and good fit with Alfesca’s existing businesses immediately provides Alfesca with a strong platform to build up Adrimex’s business in an exciting growth market.  Adrimex is complementary to our businesses in France and the UK and ties in well with the key skills and know how within the Group.


“The acquisition of Adrimex is also significant as it is the first strategic acquisition for Alfesca since 2004.  Adrimex fulfils all our acquisition criteria and its addition to the Group will be value enhancing for our shareholders.  Adrimex will strengthen a core pillar of our business in a key market in a dynamic manner and will fulfil our financial hurdles; as well as enhance our business mix.


“Adrimex is ideally placed to benefit from the increasing demand for prawn based products and the combination with Alfesca will accelerate its growth.


Alfesca will publish its interim financial results for the second quarter of FY2007 (Oct-Dec 2006) on Tuesday 20 February after markets have closed.  Alfesca will be hosting a presentation to investors, market participants and the media at 16:15 on Wednesday 21 February at the Grand Hotel, Reykjavik.


For further information:


Xavier Govare, CEO                  T: + 354 477 7000         E:   

Antony Hovanessian,  BDD         T: + 354 477 7000         E:







[1] The purchase price is €21.2m less acquired debt, which was refinanced on completion of the acquisition.

[2] Over 75% of net sales for FY2006 were made through hyper and super market retailers in France.