Icicle sale melts under heat of Asian markets

  • Tuesday, September 8, 2015 11:42pm
  • News

The sale of an Alaska seafood giant has collapsed.

In a statement Friday, the equity firm Paine and Partners LLC, which owns Icicle Seafoods Inc., said that arrangements to sell Icicle to Convergence Holdings Inc. and Dominion Catchers LLC “have been terminated.”

Icicle, which got its start in Petersburg, is one of the largest seafood processors in Alaska.

Under the terms of the failed deal, Convergence was to acquire Icicle’s land-based plants and Dominion would get the company’s at-sea processors and fishing boats, as well as the company’s fishing rights.

Convergence and Dominion are owned by the Soetantyo of Indonesia, while Paine and Partners is a private equity firm that bought Icicle in 2006.

Paine and Partners said Icicle remains a healthy company, and it will attempt to sell the company again after the end of the 2015 salmon season. Undercurrent News, which first reported the collapse of the sale, said the deal’s end was a result of several factors, including a poor market for wild salmon, the high value of the dollar, financial trouble in Asia and questions over foreign control.

U.S. fishing assets.

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