Convergence takes control of Icicle processing business

Convergence takes control of Icicle processing business

Paine & Partners, a private equity group specialising in food investments, has reached an agreement to sell Icicle Seafoods to Convergence Holdings and Cominion Catchers.

Under the transactions, Convergence will acquire Icicle's land-based wild seafood processing and farmed salmon activities and Dominion will acquire the company's harvesting and processing vessels as well as the associated fishing rights. Convergence and Dominion have agreed to enter into long-term contracts to continue Icicle's diversified seafood operations following the completion of the transactions.

Financial terms of the agreements have not been disclosed.

"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," said Chris Ruettgers, CEO of Icicle. "Convergence and its affiliates have extensive industry experience that will allow for continued investment in Icicle's business."

Convergence is a recently-established company set up by Indonesia's Soetantyo family. The family's investments span the food and canning industries in Asia and North America. A spokesperson for Convergence highlighted the potential synergies that the group hopes to unlocked to drive growth.

"We are excited to acquire Icicle, a premier asset with a strong business and diversified operations," said a spokesperson for Convergence. "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, Southeast Asia, and worldwide."

The transaction is anticipated to close in August and is subject to customary closing and regulatory conditions.