The Carlyle Group has acquired Arctic Glacier Group Holdings from H.I.G. Capital. This transaction was completed by Carlyle through Carlyle Global Partners, its long-duration investment fund that can own assets over a longer time horizon than traditional private equity funds.
Arctic Glacier is a producer, marketer and distributor of packaged ice to consumers in Canada and the United States, primarily under the brand name of Arctic Glacier Premium Ice. The company operates 46 production plants and 52 distribution facilities across Canada and the northeastern, central and western United States servicing more than 75,000 retail accounts. Arctic Glacier also licenses its trade names and technology to independently owned companies in Canada and the United States under franchise and license agreements. The company is led by CEO Fred Smagorinsky and is based in Winnipeg, Manitoba (www.arcticglacierinc.com).
H.I.G. Capital acquired Arctic Glacier in June 2012 through a court-supervised recapitalization of the business. “H.I.G. Capital has fully supported the execution of our strategy and made significant investments in our business over the course of its ownership. Our management team is excited to begin the next phase of our growth trajectory by partnering with The Carlyle Group,” said Mr. Smagorinsky. “Carlyle’s long-term investment vision, supportive resources and collaborative approach will be tremendous assets for Arctic Glacier as we pursue our mission of becoming the top packaged ice company in North America.”
“Arctic Glacier is a great fit for Carlyle Global Partners due to its leading market positions, strong customer relationships and outstanding management team,” said Tyler Zachem, Managing Director and Co-head of Carlyle Global Partners. “We look forward to partnering with the Arctic Glacier team to support the company’s growth strategy.” Arctic Glacier is the fifth investment for Carlyle Global Partners which closed in 2014 with $3.6 billion of capital commitments.
The Carlyle Group (NASDAQ: CG) invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The firm employs approximately 1,600 people in 35 offices across six continents and is based in Washington, DC (www.carlyle.com).
H.I.G. specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. H.I.G. has more than $20 billion of capital under management. The firm was founded in 1993 and is based in Miami with additional offices in Atlanta, Boston, Chicago, Dallas, New York, San Francisco, London, Hamburg, Madrid, Milan, Paris, and Rio de Janeiro (www.higcapital.com).
The Carlyle Group was advised by Credit Suisse and Ernst & Young. H.I.G. was advised by Piper Jaffray.
© 2017 Private Equity Professional | March 21, 2017
