Indonesia's Soetantyo family buys Icicle Holdings from PE

The size of the transaction was not disclosed. The private equity firm - then known as Fox Paine & Company - bought the business from management in 2007. At the time, Icicle had annual revenues of $300 million. There have subsequently been several bolt-on acquisitions and divestments.

Convergence Holdings will buy Icicle's land-based wild seafood processing and farmed salmon activities, while Dominion Catchers will take ownership of the harvesting and processing vessels as well as the associated fishing rights. Convergence and Dominion are both ultimately owned by the Soetantyo family.

Founded in Alaska in 1965 after a group of fishermen acquired the Pacific American Fisheries cannery, Icicle has since become one of the largest and most diversified seafood companies in North America. Its core business is processing wild salmon, Pollock, halibut, cod, sablefish and herring in most major fisheries in Alaska. It also owns the largest salmon farming company in America's Pacific Northwest.

"We used our investments and expertise in the seafood industry to accelerate Icicle's growth and help the Company achieve its business goals. In Convergence and Dominion, the company will continue to have owners that will work with its management and employees to build on its successes," W. Dexter Paine, chairman, CEO and founding partner of Paine, said in a statement.

A Convergence spokesperson said the company would look to exploit synergies between Icicle and its existing operations in Indonesia. The Soetantyo family created diversified food conglomerate Mantrust and acquired US brand Chicken of the Sea in 1988, consolidating its position as a leading player in the global tuna processing industry.

However, the company ran into financial troubles in the early 1990s and Chicken of the Sea was one of numerous assets to be sold off. The brand is currently owned by Thai Union Frozen Products, the world's largest producer of canned seafood. Last year, Thai Union agreed to buy Bumble Bee Seafoods from Lion Capital for $1.5 billion.

The Soetantyo family retained other interests in the food sector.

Paine, a specialist food and agribusiness investor, held Icicle through its third fund. The firm is currently investing its fourth vehicle, which closed in January with $893 million in commitments. The Icicle exit is expected to close in August.

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