The agreements entered on 26 June regarding the sale of Icicle Seafoods, Inc., to Convergence Holdings, Inc., and Dominion Catchers, LLC have been called off, Icicle’s current owner Paine & Partners, LLC announced on 4 September.
Paine & Partners is looking to reinstate the sales process for Icicle at the culmination of the 2015 salmon season. In the meantime, Icicle’s diversified business and operations are trending strong, with the company still “well-positioned as a leader in the North American seafood sector,” Icicle representatives assured. Strong volumes during the 2015 wild salmon season have served to set the company up for a positive performance across business units; Icicle also attributes its current affluence to “excellent operational performance, coupled with an improved pricing environment for its farmed Atlantic salmon business.”
Developments regarding any upcoming sale of Icicle Seafoods will not be disclosed before a transaction is announced.
Had the terminated transaction gone through, Icicle would have been sold off to two different companies: Convergence Holdings and Dominion Catchers. Convergence was set to acquire Icicle's land-based wild seafood processing and farmed salmon activities, while Dominion Catchers would have gained ownership over Icicle's harvesting and processing vessels as well as any associated fishing rights if the deal had gone down. More details about the terminated transaction can be found here. http://www.seafoodsource.com/news/supply-trade/icicle-seafoods-to-be-split-and-sold-off-to-two-companies
