VSV Iceland

What VSV Iceland does

VSV Iceland (legal name Vinnslustöðin hf.) is a vertically integrated Icelandic fishing and fish processing company founded on December 30, 1946, by 105 fishermen on the island of Vestmannaeyjar. Operating 7 vessels (4 groundfish, 3 pelagic) and a fleet of 400–500 staff across fishing, processing, administration, sales and management, the company catches and processes two core product groups: groundfish (cod, redfish, saithe, haddock) and pelagic fish (capelin and capelin roe, mackerel, herring). It also produces NSM-meal/NorSeaMink fishmeal and fish oil from processing by-products, and operates a public limited company listed on the Icelandic stock exchange with 2024 consolidated revenue of €177M (≈26B ISK) and an operating loss of €3.5M driven by a capelin shortage.

The company's technical stack centers on blast freezing, a proprietary Natural Cooling Formula (developed jointly with Wild Nordic Fish and local chefs for premium frozen products), and traceability built on MSC and IRF sustainability certifications plus HACCP food safety management. VSV was the first Icelandic company to process and freeze capelin roe in 1972 and remains a pioneer in pelagic processing. VSV also holds a 95% stake in Grupeixe, Portugal's leading producer of dried salted cod, and operates internationally through sales offices in seven countries (Iceland, Germany, USA, Portugal, Japan, Finland, France) and a network of processing/distribution partners including Marhólmar (masago), Okada Suisan (Japan), Hólmasker (US haddock), Langa (Nigeria dried fish), and Idunn Seafoods (cod liver). In 2024, the group invested approximately €19.4M in fixed assets, primarily a new groundfish processing facility, and in 2023 acquired Ós ehf. and a stake in Leo Seafood.

VSV sells B2B exclusively into four primary customer buckets: international food service and restaurants (premium wild Icelandic fish), seafood processing industries (raw material and by-products including roe, fishmeal, fish oil for aquaculture), international retail (Portuguese bacalhau, Nigerian dried fish, Asian retail), and aquaculture feed producers (Norwegian and European). Products are sold fresh, frozen, salted, or dried, with pricing handled via individual B2B quotes rather than disclosed list prices. Distribution runs through direct sales offices and partnerships. VSV is the largest employer on Vestmannaeyjar, accounting for approximately 7% of the island's working population.

Name

VSV Iceland

Legal name

Vinnslustöðin hf.

Website

https://vsv.is

Company type

Public

Founded year

1946

Operating status

Operating

Headcount range

251–500 employees

Short description

VSV Iceland (Vinnslustöðin hf.) is a vertically integrated Icelandic fishery and fish processor established in 1946, catching and processing groundfish and pelagic fish for B2B food service, retail, and aquaculture-feed customers across more than ten countries through seven international sales offices and partner networks.

Ownership category

akta.pro rank

Product category

Wild-caught seafood processing

NAICS

Seafood Product Preparation and Packaging (3117), Fish and Seafood Merchant Wholesalers (42446)

SIC

Prepared Fresh Or Frozen Fish & Seafoods (2092), Food And Kindred Products (2000)

akta.pro primary industry

Frozen Seafood Meals & Value-Added Seafood (CRADADAG)

akta.pro secondary industry

Smoked, Cured & Salted Seafood (Lox, Kippers, Bacalao) (AFANADAF)

Keywords

• Wild-caught seafood
• Fish processing
• Pelagic fish products
• Groundfish supply
• Fishmeal production

Headquarters

HQ city

Vestmannaeyjar

HQ country

Iceland

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Fresh and Frozen Fish Sales: VSV catches, processes and sells groundfish (cod, redfish, saithe, haddock) and pelagic fish (capelin, mackerel, herring) fresh or frozen. Products sold to markets in Europe and internationally.
2. Salted and Dried Fish: Wet salted cod and saithe sold to Portugal and South America. Dried fish products sold to Nigerian market through subsidiary Langa.
3. Fishmeal and Fish Oil: Fishmeal (NSM-meal/NorSeaMink and standard) and fish oil produced from by-products of fish processing (herring, capelin, mackerel, blue whiting). Sold to fish feed producers in Norway and fish farms across Europe including Iceland.
4. Roe and Specialty Products: Capelin roe, cod roe, and specialty products like masago (capelin roe caviar) and cod liver products sold to European, American, and Asian markets.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

VSV Iceland (Vinnslustöðin hf.) is a vertically integrated fishery that catches, processes, and sells wild-caught North Atlantic groundfish (cod, redfish, saithe, haddock) and pelagic fish (capelin and roe, mackerel, herring). The company also produces fishmeal (NSM-meal/NorSeaMink and standard grades) and fish oil from processing by-products. Sales are conducted through international sales offices in seven countries and dedicated subsidiaries, targeting food service operators, retailers, seafood processors, and aquaculture feed producers.

Product overview

VSV Iceland (Vinnslustöðin hf.) is a fishery and fish processing company based in Vestmannaeyjar, Iceland, established in 1946. The company offers two main product categories: Groundfish (cod, redfish, saithe, haddock) and Pelagic Fish (capelin & roe, mackerel, herring), all wild-caught in the North Atlantic near Iceland. Its products range from fresh and frozen whole fish to fillets, loins, and IQF portions, sold primarily to European, American, and Asian markets. VSV also produces fishmeal (NSM-meal/NorSeaMink and standard grade) and fish oil as by-products from processing, used in fish farming feed and the leather industry. The company operates its own fleet of groundfish and pelagic vessels, processes fish at its facilities in Vestmannaeyjar, and sells through a network of international sales offices.

Differentiator

Problem solved

Functional benefit

Brands

• Wild Nordic Fish: Premium frozen fish products developed with local chefs, using Natural Cooling Formula for restaurants worldwide.
• Grupeixe

Products and services

• Cod (Gadus morhua) Wild-caught Icelandic cod caught at 100–250 metres depth primarily during winter season, when nutritional values are at their peak. Sold as fresh and frozen whole fish, fillets, loins, and salted products to European markets.
• Redfish (Golden Redfish & Deep-Sea Redfish) Redfish (Sebastes marinus/mentella) caught and processed year-round near Vestmannaeyjar. Products include fresh fillets (bone-in skin-on or skinless), fresh whole fish, and IQF frozen fillets sold primarily to Germany and France.
• Saithe (Pollachius virens) Saithe caught year-round around Iceland, sold fresh or frozen to Europe and salted to South America. Products include fresh loins, fillets, tails, portions, wet salted split, and wet salted migas.
• Haddock (Melanogrammus aeglefinus) Haddock caught close to Vestmannaeyjar from early year until autumn. Products include fresh loins and fillets, fresh gutted, IQF frozen loins, fillets, tails and portions, interleaved frozen fillets, 5 lbs cello, and plate frozen block and mince block.
• Mackerel (Scomber scombrus) Mackerel caught from June to September when it migrates to Iceland after spawning. Products include frozen whole and frozen headed and gutted mackerel, processed using blast freezing for further processing suitability.
• Herring (Clupea harengus) Herring caught along Iceland's east coast in autumn (August to October) and near Vestmannaeyjar in November and December. Two stocks produced: summer-spawning herring and Icelandic-Norwegian spring-spawning herring. Products include frozen flaps and fillets, skin-on or skinless.
• Capelin & Roe (Mallotus villosus) Capelin caught from January to March along Icelandic shores, primarily near Vestmannaeyjar. Products include frozen whole capelin and frozen roe at various stages of maturity. Rich in omega-3 acids, protein and vitamins B and D.
• NSM-meal (NorSeaMink) Fishmeal High-quality fishmeal produced by VSV from by-products of fish processing including herring, capelin, mackerel and blue whiting not used for human consumption. Rich in protein, used in feed production for fish farming, primarily sold to Norwegian fish feed producers and European fish farms.
• Standard Fishmeal and Fish Oil Standard-grade fishmeal and fish oil produced from processing by-products. Used alongside fish oil in production of feed for fish farming, with buyers mainly in Norway and various European countries including Iceland. Fish oil is also used in the leather industry.
• Dried Salted Cod (Bacalhau) via Grupeixe Subsidiary Wet salted and dried salted cod produced through VSV's 95%-owned Portuguese subsidiary Grupeixe. Produced using traditional Portuguese methods, supplied to restaurants, wholesalers, distributors, retailers, and the Pingo Doce supermarket chain in Portugal.

Quantifiable outcome

• Oil consumption reduced by 40-50% per kilogram of catch on the Breki VE trawler through larger, more efficient propeller design
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• GrupeixecoreStrategic or Co-development PartnerGrupeixe is a Portuguese company (95% owned by VSV) based in Gafanha da Nazaré, Portugal. It produces dried salted cod using traditional Portuguese methods. The company is the only fully integrated Portuguese company fully owned by a fishing company (VSV), holding the largest quantity of Icelandic cod in Portugal with full traceability from catch to consumer. It supplies restaurants, wholesalers, distributors, and the Pingo Doce supermarket chain.
• MarhólmarcoreStrategic or Co-development PartnerMarhólmar is one of the world's leading producers of premium Masago (capelin roe caviar) with over 30 years of experience. Founded in 2012 by Hilmar Ásgeirsson and Halldór Þórarinsson along with VSV. All facilities are located within 200 meters of each other in Vestmannaeyjar. They produce tailor-made masago recipes for US, EU, and Asian markets, plus cod roe for UK, France and Germany.
• Okada SuisancoreChannel Partner/ Reseller/ DistributorOkada Suisan is the largest capelin re-processor in Japan and the world, headquartered in Yamaguchi with 5 processing plants in Japan and 1 in China. The partnership ensures quality and traceability from catch through local processing in Japan. Founded over 50 years ago when Japanese buyers first discovered Icelandic capelin.
• Wild Nordic FishcoreStrategic or Co-development PartnerWild Nordic Fish (WNF) is an Icelandic startup initiated by VSV in partnership with local chefs from Vestmannaeyjar. They developed the Natural Cooling Formula for premium frozen fish products for high-end restaurants. Products are MSC and IRF certified with longer shelf life than fresh fish, reducing food waste.
• HólmaskercoreChannel Partner/ Reseller/ DistributorHólmasker focuses on hand-filleted haddock production for the US market, located near Keflavik Airport for quick response to market demands. Hand-fillet processing minimizes strain on fish and reduces CO2 footprint. All VSV haddock is now cut and filleted in Iceland through this partnership.
• LangacoreChannel Partner/ Reseller/ DistributorLanga ehf is a specialized producer of high-quality dried fish products located next door to VSV in Vestmannaeyjar. Uses advanced indoor drying technology with heat and humidity monitoring. Primarily serves the Nigerian market — the world's largest for dried fish products. By-products from VSV are instantly delivered for drying.
• Idunn SeafoodsminorChannel Partner/ Reseller/ DistributorEstablished in 2016, Idunn Seafoods specializes in first-rate cod liver products using fresh cod landed at Heimaey harbour. Located near VSV headquarters — cod liver can be delivered to production within 5 minutes of landing. Products are naturally processed without preservatives, sold as lightly smoked or plain cod liver in cans.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Market position

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VSV Iceland