Síldarvinnslan

What Síldarvinnslan does

Síldarvinnslan hf. (SVN) is a publicly traded Icelandic fishing and seafood processing company, listed on the Nasdaq Iceland Main Market since May 2021 under ticker SVN. The company operates a vertically integrated pelagic fisheries business spanning its own freezer trawler fleet (vessels including Vestmannaey VE, Birtingur NK, and Blængur NK), two fish meal and fish oil factories in Neskaupstaður and Seyðisfjörður with combined capacity of 2,600 tons per day, a high-tech pelagic processing plant in Neskaupstaður with 700 tons per day of freezing capacity, and the country's largest frozen storage facility at 21,000 tons. Groundfish (cod, haddock, saithe) processing is conducted at a separate Grindavík facility under the Bolfisk brand.

The company holds one of Iceland's largest pelagic fishing quota allocations at 220,000 tons (52,000 cod-equivalent tons) for quota year 2022/2023, granted under the Icelandic ITQ system. In 2022, its fishmeal factories received 274,000 tons of raw material, lifted by a strong capelin season. Products fall into three revenue streams: fish meal and fish oil (for aquaculture feed), frozen pelagic products for human consumption (primarily mackerel, herring, and blue whiting), and groundfish products. Síldarvinnslan traces its origins to 1957, merged with SR mjörs in 2003 to consolidate fishmeal capacity, and is headquartered at Hafnarbraut 6, Neskaupstaður, Iceland.

Síldarvinnslan sells into two primary segments — international aquaculture feed producers and international frozen seafood importers — through direct export relationships, with pricing negotiated bilaterally in international commodity markets. The company is organized as a public limited company (hf.) under Icelandic law, with Landsbankinn having served as the sole manager and underwriter for its 2021 IPO. The management team is led by CEO Gunnþór Björn Ingvason, with factory-level operations managed by dedicated site managers in Neskaupstaður, Seyðisfjörður, and Grindavík. No revenue figures are publicly disclosed in available source material.

Name

Síldarvinnslan

Legal name

Síldarvinnslan hf.

Website

https://svn.is

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

51–100 employees

Short description

Síldarvinnslan hf. (SVN) is an Icelandic vertically integrated pelagic fisheries company that catches, processes, and exports herring, mackerel, capelin, and blue whiting as fish meal, fish oil, and frozen seafood for global aquaculture feed producers and international food importers.

Ownership category

akta.pro rank

Product category

Seafood Processing

NAICS

Seafood Product Preparation and Packaging (31171), Seafood Product Preparation and Packaging (3117), Seafood Product Preparation and Packaging (311710), Fish and Seafood Merchant Wholesalers (42446)

SIC

Prepared Fresh Or Frozen Fish & Seafoods (2092), Fishing, Hunting And Trapping (900)

akta.pro primary industry

Aquaculture Harvest, Processing & Packing (Farmed Finfish/Shellfish; On-Farm Plants) (AFANADAL)

Keywords

• Pelagic fish processing
• Fish meal production
• Fish oil extraction
• Frozen seafood exports
• Groundfish processing

Headquarters

HQ city

Neskaupstaður

HQ country

Iceland

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Fish Meal and Fish Oil Production: Production of fish meal and fish oil from pelagic species (herring, mackerel, blue whiting, capelin). The company operates two fish meal factories with combined capacity of 2,600 tons per day. Major raw material processed in 2022 was 274,000 tons.
2. Frozen Pelagic Products: High-tech fish processing plant freezing approximately 700 tons of pelagic products per day. Primary species include mackerel, herring, and blue whiting. Frozen storage capacity of 21,000 tons at the Neskaupstaður facility.
3. Bolfisk (Groundfish) Products: Processing of groundfish species including cod, haddock, and saithe. Bolfisk processing operations are conducted at the Grindavík facility.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Síldarvinnslan hf. is a vertically integrated Icelandic fisheries company that operates its own pelagic and groundfish fishing fleet and runs fish meal factories, a high-tech fish processing plant, and frozen storage facilities. The company produces and sells fish meal, fish oil, frozen pelagic products (mackerel, herring, blue whiting, capelin), and groundfish products (cod, haddock, saithe) to international buyers serving the aquaculture feed and human-consumption seafood markets.

Product overview

Síldarvinnslan hf. is Iceland's largest pelagic seafood company, operating an integrated business from fishing to processing. The company manages two fish meal factories (in Neskaupstaður and Seyðisfjörður), a high-tech pelagic fish processing plant in Neskaupstaður with ~700 tonnes/day freezing capacity, frozen storage facilities holding 21,000 tonnes, and groundfish processing in Grindavík. The company operates one of Iceland's largest pelagic fishing quotas and maintains a fleet of freezer trawlers for both pelagic and groundfish operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Fish Meal and Fish Oil Fish meal and fish oil produced from pelagic species (herring, mackerel, blue whiting, capelin) at Síldarvinnslan's two factories in Neskaupstaður and Seyðisfjörður. Sold primarily to international buyers in the aquaculture feed market.
• Frozen Pelagic Products Frozen pelagic fish products (mackerel, herring, blue whiting, capelin) processed at the Neskaupstaður high-tech plant for international food importers and seafood processors serving human consumption markets.
• Groundfish (Bolfisk) Products Processed groundfish products including cod, haddock, and saithe, produced at Síldarvinnslan's Grindavík processing facility and sold to international seafood buyers.
• Frozen Storage Services Storage capacity for frozen pelagic and groundfish products at Síldarvinnslan's Neskaupstaður facility, supporting year-round supply to international buyers.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• HB Grandi (now Brim combined entity): HB Grandi was a major Icelandic groundfish and pelagic processor that merged with Brim. Operates in the same Icelandic pelagic value chain with fish meal/oil production and frozen seafood exports.
• Pelagia AS: Pelagia is a leading European pelagic processor producing fish meal, fish oil, and frozen pelagic products from herring, mackerel, and blue whiting. Operates in the same commodity markets and customer segments as SVN.
• Icelandic Group (Fisk Seafood): Fisk Seafood is an Icelandic pelagic fishmeal and fish oil producer, directly competing with SVN in the same commodity market using Icelandic quota allocations.
• Brim hf. Brim is one of Iceland's largest vertically integrated fisheries companies operating pelagic fishing, fish meal/oil production, and frozen seafood processing. Directly comparable to SVN with similar Icelandic quota assets and processing infrastructure.
• Vinnslustöðin (VS Seafood): VS Seafood is an Icelandic vertically integrated fisheries company with pelagic quotas, fish meal/oil production, and frozen processing — direct competitor to SVN in the Icelandic market.

Broad incumbents

• Austevoll Seafood ASA: Austevoll is a large Norwegian seafood conglomerate with pelagic fishing and fish meal/oil operations alongside aquaculture and whitefish. Comparable as a broad seafood platform with similar product lines to SVN.
• Lerøy Seafood Group: Lerøy is a major Norwegian seafood company with wild catch and aquaculture operations. Comparable as a broad incumbent in European seafood with overlapping pelagic and whitefish exposure.

Others

• Cargill Aqua Nutrition: Cargill is one of the world's largest aquafeed producers and a key buyer of fish meal and fish oil. Relevant to SVN as a downstream customer and competitor in the broader marine protein supply chain.
• BioMar Group: BioMar is a major global aquafeed manufacturer and a significant buyer of fish meal/oil. Comparable as a downstream customer segment for SVN's primary aquaculture feed market.

Regional players

• Skagerrak (Norway Pelagic): Skagerrak operates Norwegian pelagic fishing and processing for human consumption and fish meal/oil. Comparable to SVN in product categories but operates in a different North Atlantic geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

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 Síldarvinnslan