Icicle Seafoods Inc., a seafood harvesting and processing company, has entered into a definitive agreement to acquire Smoki Foods, a processor of fresh and frozen seafood, along with its subsidiaries, salmon farming company American Gold Seafoods and Cypress Island Seafoods, a processing plant in Blaine WA.
Smoki Foods, headquartered in Seattle WA, produces and distributes seafood, specializing in production of farmed salmon and processing and distribution of wild-caught seafood from Alaska. The company, owned and operated by Rodger and Lisa May, is one of the largest producers of salmon fillets and salmon products in the Pacific Northwest.
Don Giles, Icicle Seafoods president and chief executive officer, said, "Smoki operates the only substantial farmed salmon operation on the West Coast and is well-regarded for its high quality and efficient salmon farming operations and further processing and distribution of farmed and wild-caught seafood. The combination of these businesses will provide both Smoki Foods and Icicle Seafoods substantially expanded access to seafood resources, and will enable them to provide broader and deeper product mix to their customers."
Paine & Partners LLC, the San Francisco CA and New York-based private equity firm that acquired Icicle Seafoods in September 2007, had a key role in facilitating the transaction and arranging financing to close this transaction.