Icicle Seafoods reached a preliminary agreement to acquire Snopac Products. The transaction is subject to completion of due diligence and other customary closing conditions.
Icicle Seafoods, Inc., a Seattle-based seafood company, reached a preliminary agreement to acquire Snopac Products, Inc., an independently owned and operated seafood processing company with operations in Alaska and Seattle. The transaction is subject to completion of due diligence and other customary closing conditions. Financial terms were not disclosed.
Snopac operates a seafood processing plant in Dillingham, Alaska, and a seafood processing vessel - the M/V Snopac Innovator - which together enable the company to process more than 1 million pounds of round weight per day. Snopac has a significant presence in the Bristol Bay sockeye salmon fishery and also participates in herring and pink salmon fisheries with the Innovator.
"We are excited about this transaction, which allows Icicle to expand its operations through a modernized shore-based processing facility and an efficient vessel processing platform," says Dennis Guhlke, president and CEO of Icicle Seafoods. "Snopac is known for its strong relationships with its markets and fishermen, as well as its top quality products. This strategic acquisition is another step in our growth strategy as a leading processor of salmon and other seafood products. We are pleased to welcome and work with such a highly respected, experienced management team and employee base."
Icicle Seafoods to Acquire Snopac Products
February 29, 2012