Icelandic Glacial™ Announces New Investment, New Shareholder Structure and Expansion of Operations.

Icelandic Glacial™ Announces New Investment, New Shareholder Structure and Expansion of Operations.

Iceland Star Property Ltd. and funds managed by Blackrock’s US Private Credit team complete equity investment and conversion of loans into equity. New board appointed with new Chairman, Johan Dennelind.

LOS ANGELES, CA September 6th, 2023 - Icelandic Glacial™, the naturally alkaline, super-premium spring water from Iceland, announced today that it has received new equity funding from new and existing investors. 

The new investor group, through an investment holding company based in Liechtenstein, will acquire a substantial stake in one of the world’s leading bottled water companies by way of subscribing new shares and injecting substantial capital into the business. Along with the new share issuance, the existing investors, including the Icelandic founders and funds managed by Blackrock’s US Private Credit team, converted and reinvested the majority of their existing debt into equity to remain as significant shareholders in the company to together strengthen and support the growth of the business with the new incoming majority shareholder.

“We are delighted to receive this support from a wide variety of investors from all over the world,” commented Jon Olafsson, a co-founder and now Global Brand Ambassador of Icelandic Glacial. “Their investment in our company substantiates the progress we have made in recent years to become one of the leading premium water brands in the world.” 

Johan Dennelind, a seasoned director and advisor who previously served as President and CEO of Telia, joins the Board as Chairman.  “I am delighted to be joining Icelandic Glacial at this exciting point in its history, “said Johan, “the company has moved from start up phase to proven brand and there is now the opportunity to extend sales of that brand around the world.”

Renowned for its exceptional purity, Icelandic Glacial is bottled at the source from the legendary Ölfus Spring in Iceland, providing customers with the highest level quality of natural spring water. The company delivers the world’s first CarbonNeutral® bottled water with a net-zero carbon footprint and has a naturally occurring alkaline pH level of 8.4, providing a clean fresh taste with the perfect healthy balance for the body.

“We are thrilled to continue to support and invest in Icelandic Glacial,” said Dan Worrell, Managing Director at BlackRock US Private Credit and Icelandic Glacial board member, “We look forward to continuing to work with the management team and our new partners to execute and grow Icelandic Glacial into a global water brand.”

Icelandic Glacial’s Group CEO, Reza Mirza said “The company has grown to be one of the leading water companies in the world with a brand synonymous with purity and quality and as a leader in environmental responsibility. We are pleased that Blackrock has continued to support the company since its initial investment in 2019 and with a strengthened balance sheet and fresh equity investment, the company is well positioned for the next chapter in the company’s remarkable history.”


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More details on the brand can be found at

About Icelandic Glacial

Icelandic Glacial is the super-premium natural spring water, bottled at the source from Iceland’s legendary Ölfus Spring, which was formed more than 5,000 years ago and is shielded from pollution by an impenetrable barrier of lava rock.  The spring produces water so pure that nothing is added or taken away. As a result, Icelandic Glacial possesses exceptional balance featuring a naturally low mineral content and a naturally alkaline pH of 8.4.  Icelandic Glacial is further distinguished as the world’s first certified CarbonNeutral® natural spring bottled water for product and operation.  Icelandic Glacial uses 100% natural green energy to fuel its production delivering a premium bottled water to discerning consumers around the world while maintaining a “net zero” carbon footprint.


Press contact for Icelandic Glacial:

Reza Mirza, Group CEO []

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