Icicle Seafoods sold to private equity firm – Fishupdate.com

Icicle Seafoods sold to private equity firm Published:  26 September, 2007

ONE of America’s largest seafood companies, Icicle Seafoods today announced the completion of an agreement to sell a majority of its shares to FP Icicle Holdings Inc., a company formed by investment funds managed by US private equity firm Fox Paine Fund III, LP. The transaction closed yesterday.

Based in Seattle, with annual revenues of over USD300 million, Icicle serves markets in North America, Japan and Europe.

The company has extensive presence in Alaska, as well as operations in Washington, Oregon and Southern Chile.

Icicle harvests and processes wild Alaska salmon, pollock, crab, halibut, cod, sablefish and herring, and is entering the farmed salmon segment. Icicle’s management team is led by industry veterans Don Giles (CEO) and Dennis Guhlke (CFO).

Glitnir Capital Corporation acted as exclusive financial advisor to Icicle and Glitnir banki hf acted as mandated lead arranger and sole bookrunner for Fox Paine’s acquisition financing. Glitnir is considered the leading financial group serving the global seafood industry.

“This transaction provides Icicle with a great platform for future growth, as the seafood industry continues to consolidate. Glitnir is delighted to support the company and Fox Paine in this important new partnership,” said Jonathan Logan, Managing Director, Head of Glitnir Capital Corporation. “We consider the resource base and growth in seafood consumption as strong indicators for future investment.”

“Icicle presents a robust entry point to the seafood industry for Fox Paine, with a deeply experienced management team,” said Ignacio Kleiman, Managing Director in Glitnir Capital Corporation.

Current management led by Don Giles will remain in place to oversee the company’s future growth under the ownership of Fox Paine.

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