Arctic Glacier Income Fund, owner of Arctic Glacier, a packaged ice company, announced today that it has entered into an agreement to sell substantially all of its assets to H.I.G. Capital. H.I.G. Capital submitted its proposal in accordance with Arctic Glacier’s court approved Sale and Investor Solicitation Process under the Companies’ Creditors Arrangement Act.
Arctic Glacier, is a producer, marketer and distributor of packaged ice primarily under the brand name of Arctic Glacier Premium Ice. Arctic Glacier operates 39 production plants and 47 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations. The company is based in Winnipeg, Manitoba (www.arcticglacierinc.com).
“This transaction is the result of the tremendous effort and dedication of our employees who should be proud of their efforts. We look forward to working with H.I.G. to complete this sale, which we expect will put us in a strong competitive position to grow our business and strengthen our position as an industry leader in the packaged ice business,” said Keith McMahon, President and CEO of Arctic Glacier.
H.I.G. Capital specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. Since its founding, H.I.G. has invested in and managed more than 200 companies and the firm’s current portfolio includes companies with combined revenues in excess of $8 billion. H.I.G. Capital has more than $8.5 billion of equity capital under management and is based in Miami, FL and has other offices in Atlanta, GA; Boston, MA; San Francisco, CA; London, UK; Rio de Janeiro, Brazil; Hamburg, Germany; and Paris, France (www.higcapital.com).