HIG Capital affiliate
acquires Arctic Glacier
Income Fund assets
Aug 2, 2012 10:55 AM
HIG Capital LLC, a global private equity investment firm, announced that an affiliate completed the acquisition of substantially all the assets of Arctic Glacier Income Fund.
The transaction was completed pursuant to the Companies’ Creditors Arrangement Act (Canada) and the US Bankruptcy Code. The new company, Arctic Glacier Holdings Inc, will be based in Winnipeg, Canada, and will continue to conduct business under the Arctic Glacier name.
Arctic Glacier produces, markets, and distributes packaged ice. It is the largest producer of packaged ice in Canada and the second-largest producer in the United States. Arctic Glacier operates a network of 39 production plants and 48 distribution facilities and services more than 75,000 retail locations covering six Canadian provinces and 25 US states. The company also provides ice in bulk quantities to industrial and commercial customers.
Keith McMahon, president and chief executive officer of Arctic Glacier, said, “The acquisition by HIG provides stability and positions Arctic Glacier for growth. We look forward to carrying on our proud tradition of product quality and service excellence. We wish to thank our customers, suppliers, and employees for their support throughout this process.”
“We are very excited about the Arctic Glacier opportunity,” said Bret Wiener, a managing director of HIG Capital. “The company is a market leader with a diversified customer base, broad geographic footprint, and high-quality production and distribution assets. We see tremendous opportunities in the business and look forward to supporting Keith and the Arctic team.”
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