Agreements have been entered regarding the sale of Alaskan seafood processor Icicle Seafoods, Inc., which – bar any unforeseen circumstances – will soon be bisected and divvied out between two companies: Convergence Holdings, Inc., and Dominion Catchers, LLC.
Icicle Seafoods and its current owner Paine & Partners, LLC, a global private equity investment firm, confirmed news of the impending sale on 26 June. According to reports, Convergence will acquire Icicle's land-based wild seafood processing and farmed salmon activities, while Dominion will gain ownership of Icicle's harvesting and processing vessels as well as any associated fishing rights. Both buyers have vowed to enter into long-term contracts to assure the continuation of Icicle's diversified seafood operations following the finalization of the transactions.
Chris Ruettgers, CEO of Icicle, is confident that the company has successfully identified purchasers who exude and cherish Icicle’s sustainability ideals.
"We are pleased about this announcement, under which Icicle will move forward with long-term owners who firmly share Icicle's commitment to quality and sustainability," said Ruettgers in a statement."Convergence and its affiliates have extensive industry experience that will allow for continued investment in Icicle's business."
“In Convergence and Dominion, [Icicle] will continue to have owners that will work with its management and employees to build on its successes," added W. Dexter Paine, III, Chairman and CEO and a founding Partner of Paine & Partners.
Convergence, which has a storied history in the food and canning industries in Asia and North America, is the latest business creation from the Indonesia-based Soetantyo family; the company is enthused to synergize its Indonesian group operations with the prominent Alaskan processor.
"We see an opportunity to synergize Icicle with our group operations in Indonesia. Through this acquisition, we are accessing a high-quality seafood resource with leading fishing and processing capabilities. The synergy between Icicle and our Indonesian operations will drive future growth and help us better serve our customers in North America, Southeast Asia, and worldwide,” said a spokesperson for Convergence.
Financial specifics of the transactions have yet to be disclosed. As of now, the processor will continue operating as Icicle despite its split ownership. Icicle's core business includes the processing of wild salmon, pollock, halibut, cod, sablefish and herring in many major fisheries across Alaska. It is headquarted in Seattle, Wash.
