A deal to acquire Icicle Seafoods has fallen through

A deal to acquire Icicle Seafoods has fallen through

Private-equity firm Paine & Partners has ended an agreement that would have seen Indonesian investment firm Convergence Holdings and Dominion Catchers buy US processor Icicle Seafoods.

No reason was given for the collapse of the deal but Paine & Partners said it intended to re-start the sale process for Icicle upon completion of the 2015 salmon season.

In June, a deal was reached that would have seen Convergence acquire Icicle's land-based wild seafood processing and farmed salmon activities and Dominion acquire the company's harvesting and processing vessels, as well as the associated fishing rights.

"We see an opportunity to synergise Icicle with our group operations in Indonesia. Through this acquisition, we are accessing a high-quality seafood resource with leading fishing and processing capabilities. The synergy between Icicle and our Indonesian operations will drive future growth and help us better serve our customers in North America, south-east Asia, and worldwide," a spokesperson for Convergence said at the time.

Icicle said its business and operations remain strong and the company continues to be "well-positioned as a leader in the North American seafood sector".

It added it is experiencing positive performance across its business units driven by strong volumes during the 2015 salmon season.