Paine & Partners Sells Icicle Seafoods
New York-based Paine & Partners, LLC and Icicle Holdings, Inc., Wilmington, Del., entered into agreements to sell Icicle to Convergence Holdings, Inc., Hallandale Beach, Ill., and Dominion Catchers, LLC, St. Petersburg, Fla. Under the transactions, Convergence will acquire Icicle's land-based wild seafood processing and farmed salmon activities, and Dominion will acquire the company's harvesting and processing vessels as well as the associated fishing rights.
Convergence and Dominion will enter into long-term contracts to continue Icicle's diversified seafood operations following the completion of the transactions. Financial terms of the transactions and of the agreement were not disclosed.
"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," says Chris Ruettgers, chief executive officer of Icicle. "Convergence and its affiliates have extensive industry experience that will allow for continued investment in Icicle's business. On behalf of everyone at Icicle, I would also like to thank Paine & Partners, which has been a valued strategic partner over the last eight years. With Paine & Partners' support, we grew our business, enhanced our operations and improved our ability to serve our diverse customer mix."
"We are excited to acquire Icicle, a premier asset with a strong business and diversified operations," says a spokesperson for Convergence. "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. As Icicle's employees and fishermen are renowned throughout the industry, we feel they are the right partners for this venture. We look forward to working with them."
"Today's announcement represents the culmination of Paine & Partners' stewardship of Icicle," adds W. Dexter Paine III, chairman and CEO and a founding Partner of Paine & Partners. "We used our investments and expertise in the seafood industry to accelerate Icicle's growth and help the company achieve its business goals. In Convergence and Dominion, the company will continue to have owners that will work with its management and employees to build on its successes."
The transaction is anticipated to close in August, and is subject to customary closing and regulatory conditions.