BGL Announces the Sale of Icelandirect to New Heritage Capital
Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the sale of Icelandirect to New Heritage Capital. BGL’s Food & Beverage investment banking team served as the exclusive financial advisor to Icelandirect in the transaction. The transaction furthers BGL’s expertise within food ingredients and the nutraceuticals sub-sector. The specific terms of the transaction were not disclosed.
Icelandirect was founded by Mark Stenberg and Brandon Miller in 2010 as a bulk oil importer serving the U.S. market. Today the company is a leading contract manufacturer and value-add wholesale distributor of ingredients, offering a wide variety of marine oils, nutrients, and other liquid products for both branded human and pet consumer packaged goods. The company’s in-house global sourcing network, formulation, quality assurance, and manufacturing capabilities enable Icelandirect to offer superior customer service and capture the operational benefits of vertical integration, a key differentiator across the food and beverage landscape. Additionally, its contract manufacturing and packaging capabilities provide customers with a “one-stop-shop” solution for premium softgels and liquids, along with other bulk and packaged products.
Mark Stenberg, Co-Founder, and CEO of Icelandirect said, “I am very pleased with the outcome of this transaction. The BGL team was invaluable in advising us every step of the way and delivered a smooth and efficient closing.” Co-Founder and President Brandon Miller added, “Dan and his team identified and negotiated with the most relevant strategic and private equity buyers, running a highly tailored process which ultimately yielded the best possible partner for Icelandirect going forward. We thank them for achieving an outstanding result for us.”
BGL’s Food & Beverage team, led by Daniel J. Gomez, has deep sector knowledge and extensive transaction experience, representing companies across the entire food and beverage landscape. Coverage includes global supply chain sourcing, processing, distribution, and wholesale and retail of both branded and private label products.