Fishing activities performed by Icicle Seafoods. (Photo Credit: Icicle Seafoods)

Icicle Seafoods to be sold to Indonesian firms

Alaska’s seafood processor Icicle Seafoods is to be sold to Indonesian companies Convergence Holdings and Dominion Catchers through a deal to be settled in August.

Convergence will acquire Icicle’s land-based wild seafood processing and farmed salmon activities whereas Dominion will get the company’s harvesting and processing vessels as well as the associated fishing rights.

“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,” pointed out the firm’s CEO Chris Ruettgers in a written statement.

Ruettgers added: "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."

For his part, W. Dexter Paine III, chairman and chief executive officer of Paine & Partners, a global private equity firm in food and agribusiness owning Icicle Seafoods, stressed that: "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 Alaskan cannery, located in the town of Petersburg, specialises in processing wild salmon, pollock, halibut, cod, sablefish and herring.

The firm owns three processing vessels operating near Dutch Harbor, in the Bering Sea and in the Gulf of Alaska apart from a fleet of 11 catcher vessels, 9 of which trawl pollock and cod, another one fished crab and the last one transports salmon, pollock and cod.

Dominion Catchers registered with the Alaska Department as a domestic limited liability company.

Convergence is the latest company established by the Indonesia-based Soetantyo family, which has extensive investments in the food and canning industries in Asia and North America.

Referring to the deal, a spokesperson for the Soetantyo family, highlighted that the firm they own "sees an opportunity to synergize Icicle with our group operations in Indonesia and that though this acquisition, they are accessing a high-quality seafood resource with leading fish and processing capabilities.

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