Paine & Partners' Indonesian Icicle exit falls through

The private equity firm offered no explanation for the decision, although it is reportedly tied to the difficult financial climate in Asia. The sale process will be reinitiated upon completion of the 2015 salmon season.

Icicle is 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.

Paine & Partners bought Icicle from management in 2007. At the time, it had annual revenues of $300 million. There have subsequently been several bolt-on acquisitions and divestments.

The exit would have seen Convergence Holdings buy Icicle's land-based wild seafood processing and farmed salmon activities, while Dominion Catchers took ownership of the harvesting and processing vessels as well as the associated fishing rights. Both acquisition entities are said to be ultimately controlled by the Soetantyo family.

The 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. Other interests in the food sector were retained.

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• Topics
• Exits
• Consumer
• North America
• Southeast Asia
• Exit
• Trade sale
• Paine & Partners
• Southeast Asia
• Indonesia
• USA
• Consumer