Icelandic Milk and Skyr Corporation Sold for (At Least) ISK 40 Billion

The Icelandic Milk and Skyr Corporation, founded by Sigurður Kjartan Hilmarsson in 2006, is estimated to have been sold for a minimum of ISK 40 billion [$370 million; €323 million], Kjarninn reports. The company was sold at the beginning of last year to French dairy corporation Lactalis, but the sale price was kept confidential.

Sigurður shared the majority stake in his company, or 78%, with a handful of friends and relatives. The remaining 22% stake was held by the Swiss dairy company Emmi. Emmi sold its minority stake in the company to “profit significantly from this transaction in the financial year 2018.” In fact, according to its recently published financial reports for the first part of 2018, Emmi made a profit of $80.9 million [ISK 9.68 billion; €70.35 million] on the sale of its minority share in The Icelandic Milk and Skyr Corporation, or $58.9 million [ISK 7.05 billion; €51.2 million] after taxes. Thus were journalists at Fréttablaðið able to make an educated estimate as to the final total sales price of The Icelandic Milk and Skyr Corporation.

In the run-up to the sale, it was estimated that in 2018, the sales revenue from Siggi’s Skyr, The Icelandic Milk and Skyr Corporation’s marquee product, would come close to $200 million [ISK 22 billion; €173.9 million].