Friday, June 26, 2015

Icicle Seafoods to be sold in two pieces

After months of speculation, we now have confirmation that the owners of Icicle Seafoods Inc. are selling the company.

Here's the press release.

Icicle, based in Seattle, is one of Alaska's largest seafood processors.

Paine & Partners, the private equity firm that's held Icicle since 2007, says it has agreements to sell Icicle in two pieces.

Convergence Holdings Inc. will acquire Icicle's land-based wild seafood processing and farmed salmon activities.

Dominion Catchers LLC will acquire Icicle's harvesting and processing vessels as well as the associated fishing rights.

"Convergence and Dominion have agreed to enter into long-term contracts to continue Icicle's diversified seafood operations," the press release says.

Convergence is described as "the latest company established by the Indonesia-based Soetantyo family."

The transaction is expected to close in August. Naturally, no one is revealing the sale price.
at

6 comments:

  1. AnonymousJune 26, 2015 at 3:29 PM

    I see that Dominion Catchers is set up by a law firm to hold the fishing rights and vessels. So I'm a bit confused on whether the Indonesians are able to own and control the boats and fishing assets? The law does not allow them to own the fish rights and only minority position in the vessels. How does this work exactly?

    ReplyDelete
  2. AnonymousJune 26, 2015 at 8:55 PM

    Is Dominion Indonesian? They get the rights to the land based crab and the A-80 rights to pollack and crab?

    ReplyDelete
  3. AnonymousJune 26, 2015 at 9:34 PM

    Mr. Barer is none other than Warren Magnuson's former aide and his firm is the agent for Dominion Catchers LLC registered in St Petersburg Florida even though the agent is in Seattle. http://www.gsblaw.com/professionals/stanley_h_barer/

    Icicle was also a client of this firm according to Currents.

    ReplyDelete
  4. AnonymousJune 27, 2015 at 5:10 AM

    Assume they set up a second company (Dominion)with a US citizen(s) as owner. The US owner of course works exclusively for the Indonesian parent.

    ReplyDelete
  5. AnonymousJune 27, 2015 at 5:15 AM

    Beginning of the end for some of the Icicle salmon assets. Dillingham, Egigik, Larsen Bay, and the two processing ships will disappear within the next few years and not be resurrected by someone else. Icicle kept them going for show and to show prospective buyers that they had a footprint throughout the state.

    ReplyDelete
  6. AnonymousJune 29, 2015 at 1:47 PM

    The processing ships do alot more than just salmon and wont be going anywhere, i could see some bristol bay assets changing hands

    ReplyDelete