Under the deal, Convergence will acquire Icicle’s land-based wild seafood processing and farmed salmon activities, and Dominion will get the Company’s harvesting and processing vessels as well as the associated fishing rights.
Icicle is the largest private employer in the town of Petersburg as the parent company, Petersburg Fisheries, Inc. It draws around 600 workers to its cannery in the summer fishing season. The company got its start in Petersburg in 1965 and was owned by local fishermen.
It’s unclear what will change with the purchase. The financial terms of the transactions were not disclosed.
Paine and Partners declined to comment but in a written statement, they say that the new buyers have agreed to enter into long-term contracts to continue Icicle’s diversified seafood operations.
In a written statement, Icicle CEO Chris Ruettgers, said “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.” He said, “Convergence and its affiliates have extensive industry experience that will allow for continued investment in Icicle’s business.”