Icicle Seafoods to Acquire Snopac

SEATTLE, Feb. 29, 2012 /PRNewswire/ -- Icicle Seafoods, Inc. ("Icicle"), one of the largest and most diversified seafood companies in North America, today announced that it has reached a preliminary agreement to acquire Snopac Products, Inc. ("Snopac"), an independently owned and operated seafood processing company with operations in Alaska and Seattle.  The transaction is subject to completion of due diligence and other customary closing conditions and the financial terms were not disclosed.

Snopac operates a seafood processing plant in Dillingham, Alaska and a seafood processing vessel – the M/V Snopac Innovator, which together enable the Company to process more than 1 million pounds of round weight per day.  Snopac has a significant presence in the Bristol Bay sockeye salmon fishery and also participates in herring and pink salmon fisheries with the Innovator. 

"We are excited about this transaction, which allows Icicle to expand its operations through a modernized shore-based processing facility and an efficient vessel processing platform," said Dennis Guhlke, President and CEO of Icicle Seafoods.  "Snopac is known for its strong relationships with its markets and fishermen, as well as its top quality products.  This strategic acquisition is another step in our growth strategy as a leading processor of salmon and other seafood products.  We are pleased to welcome and work with such a highly respected, experienced management team and employee base." 

"We are already well acquainted with Icicle Seafoods, and admire the way they operate their highly diversified business," said Gregory Blakey, Chief Executive Officer of Snopac.  "Given Icicle's significant operational history and a strong commitment to its fishing fleet and its employees, we think this is a perfect match for Snopac.  While we take a lot of pride in being one of the last independent, family-owned processors in Alaska, we know that a combination with Icicle is the best long term solution for our employees and fleet." 

About Icicle Seafoods, Inc.
Icicle Seafoods, Inc. is one of the largest and most diversified seafood companies in North America. Icicle's core business is the primary processing of seafood including wild salmon, pollock, crab, halibut, cod, sablefish and herring in most major fisheries throughout Alaska, with both on-shore and floating processing facilities. Icicle also owns the largest United States owned and operated salmon farming company located in the Pacific Northwest of the United States as well as a joint venture in Chile producing farm raised salmon and trout. Icicle's products are sold throughout the world into a variety of customer channels including industrial, food service, wholesale and retail. Providing these markets with the highest quality seafood has been a founding principle of Icicle. Icicle is headquartered in Seattle, Washington and is owned by investment funds managed by Paine & Partners, LLC, a New York, Chicago and San Francisco based private equity fund.

About Snopac
Snopac Products, Inc. is an independently owned and operated fish processing company with operations in Alaska and Seattle. It operates from four distinct locations; a shore-based processing plant in Dillingham, Alaska, a processing vessel that operates mainly in Bristol Bay and Southeast Alaska, a support office based in Naknek, Alaska, and the company headquarters in Seattle, Washington. Snopac primarily processes salmon and, to a lesser extent, herring in various locations in Alaska.  

SOURCE Icicle Seafoods, Inc.