Wednesday, February 29, 2012

Icicle Will Acquire Snopac Products

Icicle Seafoods Inc. announced today that it has reached a preliminary agreement to acquire Snopac products Inc., a small 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, nor were operational details.

Snopac operates a seafood processing plant at Dillingham and a seafood processing vessel, the M/V Snopac Innovator. Together they enable the company to process more than one 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.

Dennis Guhlke, president and chief executive officer of Icicle Seafoods, said his company is excited about the transaction, which allows Icicle “to expand its operations through a modernized shore-based processing facility and an efficient vessel processing platform.”

Guhlke said 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,” Guhlke said. “We are pleased to welcome and work with such a highly respected, experienced management team and employee base.”

Greg Blakey, chief executive officer of Snopac, said his company is already well acquainted with icicle Seafoods and admires the way they operate their highly diversified business.

“Given Icicle’s significant operational history and strong commitment to its fishing fleet and its employees, we think this is a perfect match for Snopac,” he said. “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.”

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