Icelandic seafood technology firm KAPP has acquired the assets of Skaginn 3X, a bankrupt fish processing equipment manufacturer previously owned by Germany’s Baader Group.
The acquisition, for an undisclosed sum, includes the company’s equipment and liquid assets, and will operate under the newly formed entity KAPP Skaginn, according to FiskerForum.
The deal is backed by a consortium of investors, including Icelandic holding company VGJ, Brazilian food manufacturing firm Tectru, and five former Skaginn 3X employees.
Skaginn 3X, based in Akranes, Iceland, filed for bankruptcy in July after Baader, its German parent company, failed in restructuring efforts. The bankruptcy resulted in 128 employees being laid off. KAPP Skaginn intends to lease the company’s former premises in Akranes and restart operations by November 1, subject to regulatory approval.
KAPP CEO Freyr Friðriksson, who will chair the board of KAPP Skaginn, spoke of his ambitions for the venture.
‘We’re not just safeguarding jobs in Akranes, but aim to run profitable activity there which in the long-term could become a centre of expertise and development for the seafood sector in this country,’ he said, adding that this step could not have been taken without a significant level of co-operation with not only the representatives of the bankrupt estate and the bank, but also the local authority in Akranes and others.
Baader had previously acquired full ownership of Skaginn 3X in February 2022, but financial difficulties led to insolvency proceedings this past summer.
KAPP is an Icelandic technology company specializing in refrigeration solutions and services for the seafood and food industries. Founded by CEO Freyr Friðriksson, the company has grown through strategic acquisitions, including Optimar Island and Stáltech, and focuses on providing complete, in-house solutions for refrigeration, from engineering to production and programming. KAPP’s expertise in the fishing industry is a core strength, with the company known for developing specialized equipment tailored to the needs of seafood processing.
The company continues to expand its global footprint while maintaining a strong connection to the Icelandic seafood industry.
