ARMA Advisory
ARMA Advisory is an Iceland-based independent M&A and capital-raising advisory boutique serving Icelandic companies across diverse sectors, staffed by six former senior bankers from Iceland's major financial institutions.
- Company typePrivate
- Founded-
- HeadquartersKópavogur, Iceland
- Headcount1–10
- GTM typeB2B
- OfferingServices
What ARMA Advisory does
ARMA Advisory ehf. is an independent corporate finance advisory boutique based in Kópavogur, Iceland, founded in 2024 by a team of six professionals. The firm provides advisory services on mergers and acquisitions, company sales, and capital raising for Icelandic companies across multiple industries, including aquaculture, agriculture, real estate, energy, telecommunications, and consumer goods. Its partner-based structure is designed to ensure senior-level attention on each engagement and alignment of interests with clients.
The team is composed of former senior executives from Iceland's major financial institutions, including Íslandsbanki, Kvika Bank, Kaupthing Bank, Arion Bank, and Landsbankinn, with the firm's managing-partner equivalent, Marinó Örn Tryggvason, having previously served as CEO of Kvika Bank. The firm has executed a visible roster of mandates, with deal sizes ranging from 600M ISK to 11B ISK, including the First Water 11B ISK financing, Styrkás's 9.7B ISK acquisition of Hreinsitækni, Síminn's 3.5B ISK acquisition of Greiðslumiðlun Íslands, and Lífland's 2.9B ISK property sale.
ARMA operates on a sales-led, direct-engagement go-to-market model, acquiring clients through partner networks, referrals, and demonstrated transaction expertise rather than active marketing. Revenue is generated through transaction-based advisory fees negotiated individually with clients; no retainer pricing or publicly disclosed fee schedules are available. The firm does not employ proprietary technology platforms, AI/ML systems, or APIs, and relies on its reputation, partner relationships, and co-advisory partnerships with legal firms (BBA//Fjeldco, AX Lögmannsþjónusta, Venture Legal, LOGOS) and bank co-advisors (Fossar, Landsbankinn) to source and execute mandates within Iceland's small, relationship-driven M&A market.
ARMA Advisory firmographics
Firmographics- Name
- ARMA Advisory
- Legal name
- ARMA Advisory ehf.
- Website
- https://arma.is
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- ARMA Advisory is an Iceland-based independent M&A and capital-raising advisory boutique serving Icelandic companies across diverse sectors, staffed by six former senior bankers from Iceland's major financial institutions.
- Ownership category
- akta.pro rank
ARMA Advisory industry classification
Industry- Product category
- Corporate Finance Advisory
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Services-Engineering, Accounting, Research, Management (8700), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA)
- akta.pro secondary industries
- Corporate Strategy Advisory (BPAHADAA), Debt Advisory & Financing Advisory (FSAEAGAD), Fairness Opinions & Independent Financial Advice (BPAHAOAF)
Keywords
Where ARMA Advisory is headquartered
LocationHeadquarters
- HQ city
- Kópavogur
- HQ country
- Iceland
- HQ region
- Europe
Offices1 record
Markets served
ARMA Advisory business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- M&A Advisory: Fees for advisory services on mergers and acquisitions transactions, including buy-side and sell-side mandates. Revenue is generated through advisory fees on completed transactions.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
ARMA Advisory product offering
Product offeringCore offering
ARMA Advisory is an independent advisory boutique providing corporate finance advisory services to Icelandic companies. Its core offerings span three service categories: mergers and acquisitions advisory (buy-side and sell-side mandates), company sale advisory, and capital raising advisory (equity and debt financing). Engagements are partner-led with a fully partner-based structure designed to ensure focus on each project and alignment with client interests.
Product overview
ARMA Advisory ehf. is an independent advisory boutique providing corporate finance advisory services. The company offers services regarding mergers, acquisitions, sale of companies, and raising of capital. The firm operates on a fully partner-based model, ensuring focus on each project and alignment with client interests. The team brings extensive experience, a strong network, and a proven track record across different industries, having completed many transactions over the past twenty years. Notable completed transactions include advising on deals involving Gallon, GMI, First Water, Brúarvogur, Hamravellir, Hreinsitækni, Unbroken, Kambar, Lífland, Ankra, NP Innovation, Varist, and Súlur.
Differentiator
Problem solved
Functional benefit
Products and services
- M&A Advisory Independent advisory on mergers and acquisition transactions, including buy-side and sell-side mandates for Icelandic operating companies and investment firms seeking strategic or financial counterparties.
- Company Sale Advisory End-to-end advisory on the sale of Icelandic companies, including valuation, buyer identification, process management, negotiation, and deal closing. Examples include the Lífland 50% stake sale and the Skel/Gallon sale to Skeljung.
- Capital Raising Advisory Advisory on equity and debt financing transactions for Icelandic companies, including private equity placements, equity injections, and structured financings. Examples include First Water's 11B ISK financing and 3.5B ISK equity raise, the Varist 975M ISK capital raise, and Unbroken's 800M ISK funding round.
Quantifiable outcome
- Completed transactions ranging from 600M ISK to 11B ISK across multiple industries
Companies that use ARMA Advisory
Customer profileNamed customers7 records
Segments1 record
Ideal customer profiles1 record
ARMA Advisory technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
ARMA Advisory partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered minor.
- AX LögmannsþjónustaminorAX Lögmannsþjónusta provided legal advisory alongside ARMA Advisory in the sale of Lífland's property at Brúarvogur for 2.9B ISK.
- BBA//FjeldcominorBBA//Fjeldco served as legal advisor to seller Skel fjárfestingafélag alongside ARMA Advisory in the Gallon sale to Skeljunn for 2.9B ISK.
- LOGOSminorLOGOS provided legal advisory services alongside ARMA Advisory and Venture Legal to parties (Eik and Hamravellir) in the industrial property development transaction in Hafnarfjörður.
- Venture LegalminorVenture Legal provided legal advisory services alongside ARMA Advisory and LOGS in the Eik/Hamravellir industrial property transaction.
- LandsbankinnminorLandsbankinn corporate advisory served as seller advisor alongside ARMA Advisory in the Síminn acquisition of Greiðslumiðlun Íslands for 3.5B ISK.
- Fossar fjárfestingarbankiminorFossar fjárfestingarbanki served as advisor alongside ARMA Advisory and BBA//Fjeldco for Zym Ice/Unbroken in the 800M ISK financing transaction.
- BBA//FjeldcominorBBA//Fjeldco provided legal advisory services alongside ARMA Advisory and Fossar fjárfestingarbanki in the Unbroken financing deal.
Scale indicators2 records
Recent moves6 records
Expansion highlights4 records
ARMA Advisory competitors and assessment
Company assessmentEmerging players
- Norvestor: Nordic private equity firm that increasingly acts as a buy-side participant in Icelandic mid-market transactions (e.g., Styrkás-backed Hreinsitækni deal ARMA advised). Comparable as a counterparty in M&A processes rather than a direct competitor—relevant for understanding ARMA’s deal universe and likely future buyer relationships.
Direct peers
- Íslandsbanki Corporate Finance: Icelandic universal bank running a sizable corporate finance / advisory franchise. Competes for the same mandates; five of ARMA’s six partners previously worked at Íslandsbanki in this exact function, making this the firm from which ARMA primarily sources clients and where most deal-flow leakage occurs.
- Arion Bank Corporate Finance: Icelandic universal bank with a corporate finance / M&A advisory team. Marinó Örn Tryggvason (now at ARMA) was previously deputy managing director in asset management at Arion Bank; competes head-to-head on Icelandic mid-market advisory mandates.
- Kvika Bank Corporate Finance: Icelandic listed bank with a dedicated corporate finance / M&A advisory division. Most direct competitor for Icelandic mid-market M&A and capital raising mandates; ARMA’s CEO-equivalent (Marinó Örn Tryggvason) was previously CEO of Kvika, making it the closest in-scope peer both in product overlap and talent lineage.
- Fossar fjárfestingarbanki: Icelandic boutique investment bank focused on M&A, ECM and DCM advisory. Co-advisor with ARMA on the Unbroken (Zym Ice) financing—directly comparable in deal type, scale, and Icelandic SME focus.
- Landsbankinn Corporate Finance: Icelandic universal bank with corporate finance and capital markets advisory functions. Eyjólfur Berg Axelsson spent six years in Landsbankinn finance before joining ARMA; the bank is one of the few Icelandic institutions capable of executing mandates of comparable size to ARMA’s largest deals (e.g., the 11B ISK First Water financing).
- OH Capital: Icelandic investment/advisory boutique active in domestic mid-market M&A and capital raising. Closest pure-boutique comparable to ARMA in terms of positioning, deal size range, and target client segment within the Icelandic market.
Broad incumbents
- Houlihan Lokey: Global independent M&A and financial advisory firm. Broad incumbent analogue: comparable in “independent advisory boutique” positioning against conflicted bank-owned advisory desks—relevant benchmark for where ARMA could position as Icelandic/SME deals grow in cross-border complexity.
Others
- LOGOS Legal Services: Major Icelandic law firm. Co-advisor with ARMA on the Eik industrial property deal. Indirect competitor / ecosystem participant in the Icelandic corporate finance value chain.
- BBA//Fjeldco: Leading Icelandic corporate law firm (formerly Fjeldco, now BBA//Fjeldco after merger). Repeated co-advisor with ARMA on Síminn/GMI, Gallon and Unbroken deals—relevant as a co-advisor ecosystem participant and indirect competitor for advisory mandates where legal-and-financial advisory is bundled.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
ARMA Advisory social profiles
Digital presenceARMA Advisory financial estimates
Financial estimateRevenue estimate
Valuation estimate
ARMA Advisory leadership team
Management profileNumber of profiles
Profiles6 records
ARMA Advisory funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ARMA Advisory M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ARMA Advisory
What does ARMA Advisory do?
ARMA Advisory is an independent advisory boutique providing corporate finance advisory services to Icelandic companies. Its core offerings span three service categories: mergers and acquisitions advisory (buy-side and sell-side mandates), company sale advisory, and capital raising advisory (equity and debt financing). Engagements are partner-led with a fully partner-based structure designed to ensure focus on each project and alignment with client interests.
Is ARMA Advisory a public or private company?
ARMA Advisory is a private company. It is classified as management employee owned and is currently operating.
When was ARMA Advisory founded?
ARMA Advisory was founded in -1. It employs 1 to 10 people.
Where is ARMA Advisory based?
ARMA Advisory is headquartered in Kópavogur, Iceland, in the Europe region.
How does ARMA Advisory make money?
One revenue line is on record: M&A Advisory.
Who are ARMA Advisory's main competitors?
Norvestor is listed as an emerging player. Direct peers are Íslandsbanki Corporate Finance, Arion Bank Corporate Finance, Kvika Bank Corporate Finance, Fossar fjárfestingarbanki, Landsbankinn Corporate Finance and OH Capital. Houlihan Lokey is listed as a broad incumbent. Others are LOGOS Legal Services and BBA//Fjeldco.
Does ARMA Advisory have an API?
No public API is recorded for ARMA Advisory.
What industry is ARMA Advisory in?
ARMA Advisory's product category is Corporate Finance Advisory. Its primary akta.pro industry code is BPAHAOAA, M&A Advisory (Buy-Side & Sell-Side), with a secondary code of BPAHADAA, Corporate Strategy Advisory. Its NAICS code is 523 and its SIC code is 8700.