Food and agribusiness-focused private equity firm, Paine & Partners, together with Icicle Holdings, have announced the cancellation of the sale of Icicle to Convergence Holdings Inc. and Dominion Catchers LLC originally reported here. The reason for the cancellation was not disclosed.

 

The firm adds that it plans to re-engage in the sale process for Icicle upon the completion of the 2015 salmon season. Undercurrent News reports that Paine & Partners may now be more willing to entertain the breaking up of the diversifies seafood business, according to anonymous sources. These sources claim the company may be more valuable in pieces. Cooke Aquacultre and Pacific Seafood Group, for example may put in bids in the sale process and may be interested in the farmed salmon assets. 

 

 

Icicle Seafoods Inc. is among the largest and most diversified seafood companies in the U.S. The group’s core business is in the processing of salmon, pollock, halibut, cod, sablefish, and herring across Alaska through both on-shore and floating facilities. Icicle is also the owner of the largest U.S. owned and operated salmon farming company located in the Pacific Northwest.

 

Icicle made note that its business remains strong, and is seeing strong performance across all of its units driven by high volumes during the 2015 wild salmon season, and advantageous prices for its farmed Atlantic salmon business.