UPDATE: On Sept. 4, 2015 Paine & Partners announced the cancellation of the sale of Icicle Foods to Convergence Holdings and Dominion Catchers.

 

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June 30, 2015

 

Global food and agribusiness-focused private equity investment firm, Paine & Partners, has entered into agreements to sell Icicle Holdings Inc. to Convergence Holdings Inc. and Dominion Catchers LLC for an undisclosed amount.

 

Icicle is one of the largest diversified seafood companies in North America with a core business in processing wild salmon, pollock, halibut, cod, sablefish, and herring on both on-shore and marine processing facilities. Icicle also owns the largest U.S.-owned and operated farmed salmon operation in North America, located in the Pacific Northwest.

 

Under the terms of the agreements, Convergence will acquire Icicle’s wild seafood processing and farmed salmon operations, while Dominion will acquire the company’s harvest and processing vessels and all associated fishing rights. Both Convergence and Dominion have signed long-term contracts to continue Icicle’s seafood operations once the deals are closed.

 

Convergence is the latest company founded by the Soetantyo family of Indonesia, which has a long tenure in the canning and food industries in Asia and North America.

 

“We see an opportunity to synergize Icicle with our group operations in Indonesia,” says a convergence spokesman. “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.”

 

Paine & Partners applied its investments and expertise in the seafood sector to support Icicle in achieving its business objectives and targeted growth. “Today’s announcement represents the culmination of Paine & Partners’ stewardship of Icicle,” said W. Dexter Paine, III, Chairman and CEO and a founding Partner of Paine & Partners in a company press release. “In Convergence and Dominion, the Company will continue to have owners that will work with its management and employees to build on its successes.”

 

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