Kristrún Auður Viðarsdóttir
CEO of IS Haf Investments. Investment Manager at Iceland Funds since 2017. Previously worked in Corporate Banking and Asset Management at Íslandsbanki as well as with Citibank Wealth Management in New York and London.
Valmynd
IS Haf Investments
Seafood Sector Investment Fund
The IS Haf fund was founded in February 2023. Is a fully funded ISK 10 billion private equity fund which invests across the seafood industry value chain. The investment capacity is however considerably higher through a co-investment incorporated in the funds’ structure. The main focus is on growth stage investment opportunities in Iceland as well as other areas by the Arctic Circle such as Norway, North America, Greenland and Faroe Islands. The fund aims to be the majority owner, but can also invest in minorities with strong minority protection so that the fund is in a position to influence the progress and management of the company in question.
The fund is managed by Kristrún Auður Viðarsdóttir and Brynjólfur Gísli Eyjólfsson.
Investment strategy
The funds‘ investment strategy covers the seafood value chain from raw material supply to seafood technology, infrastructure, biotechnology and marketing. The emphasis is on value creation by leveraging on industry know-how, economies of scale and synergies. Investments will be distributed among five categories within the seafood and marine sector.
Raw Material
Farmed fish, wild catch and processors
- Fishing companies holding allocated quota for wild catch
- Fish farms on sea and land producing salmon and trout
- Processors of wild catch and salmon
Seafood Technology
Seafood technology innovation. Optimizing raw material use, saving energy and water
- Carbon impact cooling technology for fleet operation and fish processing
- Fish processing technology minimizing waste and use of water
Services & Infrastructure
Fast growing salmon farming industry calls for investments in services and infrastructure
- Production of fish farming feed
- Green energy infrastructure projects for fleet operation
- Slaughtering facilities, packaging, production and feeding boats
Sales & Advisory
Sales and marketing applying economies of scale in export and marketing of seafood
- Cost efficiency in a larger sales unit for cross-Atlantic distribution
- Fish farms on sea and land producing salmon and trout
- Branding the Icelandic Salmon for differentiation leading to premium
- Centralized CO2 accounting services for fish producers and advisory on neutralizing production
Biotechnology
Biotechnology built on seafood produce - Eliminating waste and maximizing value creation
- Disruptive fish skin biotechnology for the medical industry
- Marine collagen from fish skin as an effective supplement
- Marine gelatin for the food industry
- Cod enzyme for intake to boost immune system
The portfolio
The fund acquired a 53% share in Thor Landeldi in August 2023. The company plans to develop a hatchery and a 20-thousand-ton salmon farm in Thorlákshöfn. The 20.3-hectare site at Laxabraut in Thorlakshöfn is perfectly suited for salmon farming on-land with abundance of fresh water and lava-filtered ground sea. The site is close to logistic hubs and a 45-minute drive from Reykjavik.
The founders are Jonatan Thordarson, Thordur Thordarson and Halldor Gislason, which are a highly experienced team with decades of experience in salmon farming. Co-investors are Frank Yri and Alex Vassbotten - experienced Norwegian investors and CCO and Chairman of Seaborn respectively.
The fund acquired a 40% share in KAPP in September 2023. The company is specialised in refrigeration technologies and cooling solutions for the fishing industry, which is a key factor in the quality of seafood. It additionally is a frontrunner in the development of environmental refrigerants and solutions in the seafood sector. The company has been growing steadily, both organically and through acquisitions of Raf, Optimar Iceland and Stáltech.
Kapp was founded in 2007 by Freyr Friðriksson
Cooperation with UR Seafood
UR Seafood (Útgerðarfélag Reykjavíkur) is a cornerstone investor and an advisor to the fund. The company holds 3,5% of the current allocated quota in Icelandic waters and holds a 44% share in Brim, Iceland’s largest quota holder. Through an advisory agreement, UR Seafoods’ representatives play a central role in the Investment Team of IS Haf and bring extensive knowledge of the seafood industry to the evaluation of investment targets.
Sustainability and environmental impact
The fund has a strong focus on sustainability and will integrate environmental, social and governance issues (ESG measures) into decision-making and through active ownership. The fund sets measurable ESG parameters for each investment and reports ESG key figures quarterly to its shareholders.
Environmental
Social
Governance
Investment Team and Advisory Board
Investment team
The investment team is made up of indivituals with extensive experience in seafood and fund management. The role of the investment team is to investigate potential investment opportunities.
Brynjólfur Gísli Eyjólfsson
Fund Manager at IS Haf Investments. Over 25 years of experience in the seafood industry. Previously headed sales and marketing at Brim and worked in consulting at PwC.
Jónas Engilbertsson
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Has served various positions in the seafood industry since 1999. Focused on operations and investments on a global level, longest within Icelandic Group and UR Seafood.
Runólfur Viðar Guðmundsson
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CEO of UR Seafood since 2018. Previously the CFO of the company. Worked in the finance industry from 2006-2010 after working in various positions in the seafood industry since 1989. Runólfur is additionally a member of the Investment Advisory Board.
Investment Advisory Board
The Investment Advisory Board consist of members bringing in a broad range of knowledge and experience from the industry. The Investment Advisory Board is independent.
Guðbjörg Heiða Guðmundsdóttir
CEO of Vörður Insurance from April 2023. Previously an EVP of Fish at Marel since 2020 and the local Manager for Marel in Iceland. Prior to that, the Innovation Cluster Manager for Iceland and the UK since 2011.
Guðlaug Kristinsdóttir
CEO of Stekkur, an investment company since 2010. Chairman of the board of Kvika Asset Management from 2012-2021. Worked at Deutsche Bank for 4 years in New York.
Hildur Hauksdóttir
Sustainability officer for Fisheries Iceland (SFS). Sits on the board of the Icelandic Recycling Fund and the Environmental fund for ocean fish farming. Member of the Icelandic Climate Council on behalf of the Confederation of Icelandic Enterprises, member of Icelandic Sustainability council and previously a board member of Klappir, listed on First North.
Kjartan Ólafsson
Former Chairman of the Board of Arnarlax – Icelandic Salmon since 2014. Founded Markó Partners in 2009, a Corporate Finance boutique focused on the seafood industry. Been actively involved in multiple seafood transactions providing a wide range of financial services.
Runólfur Viðar Guðmundsson
CEO of UR Seafood since 2018. Previously the CFO of the company. Worked in the finance industry from 2006-2010 after working in various positions in the seafood industry since 1989. Runólfur is additionally a member of the Investment Advisory Board.
Investors
The shareholders in the fund are Icelandic pension funds, US Seafood and Brim, bringing together wealth of experience in fund financing and seafood expertise.
| Birta Pension Fund | 20,0% |
| LSR | 20,0% |
| UR Seafood | 20,0% |
| Frjálsi Pension Fund | 14,9% |
| Almenni Pension Fund | 10,0% |
| Brim | 7,6% |
| Icelandic Airline Pilots Pension Fund | 2,0% |
| Lífeyrisauki – Arion Bank’s Pension Fund | 2,0% |
| Farmers Pension Fund | 1,0% |
| Íslandsbanki Pension Services | 1,0% |
| Vörður - Insurance | 1,0% |
| Rangæingar Pension Fund | 0,5% |
Contact information
Kristrún Auður Viðarsdóttir Brynjólfur Gísli Eyjólfsson
Tlf: +354 844-4788 Tlf:+354 853-1021