SOURCE: Glitnir

September 26, 2007 06:03 ET

Glitnir acts as exclusive sell-side financial advisor and lead acquisition financing arranger in the sale of Icicle Seafoods, Inc. to Fox Paine Fund III, LP

REYKJAVIK, ICELAND--(Marketwire - September 26, 2007) -

26 September 2007 - Reykjavik/Seattle/New York/London - Icicle Seafoods, Inc. (Icicle) announced today the completion of an agreement to sell a majority of the company's shares to FP Icicle Holdings Inc., a company formed by investment funds managed by U.S. private equity firm Fox Paine Fund III, LP (Fox Paine). The transaction closed 25 September 2007.

Based in Seattle, WA with annual revenues of over USD300 million, Icicle is one of the largest seafood companies in the U.S., serving markets in North America, Japan and Europe. The company has extensive presence in Alaska, as well as operations in Washington, Oregon and Southern Chile. Icicle harvests and processes wild Alaska salmon, pollock, crab, halibut, cod, sablefish and herring, and is entering the farmed salmon segment. Icicle's management team is led by industry veterans Don Giles (CEO) and Dennis Guhlke (CFO).

Glitnir Capital Corporation acted as exclusive financial advisor to Icicle and Glitnir banki hf acted as mandated lead arranger and sole bookrunner for Fox Paine's acquisition financing. Glitnir is considered the leading financial group serving the global seafood industry.

"This transaction provides Icicle with a great platform for future growth, as the seafood industry continues to consolidate. Glitnir is delighted to support the company and Fox Paine in this important new partnership", said Jonathan Logan, Managing Director, Head of Glitnir Capital Corporation. "We consider the resource base and growth in seafood consumption as strong indicators for future investment."

"Icicle presents a robust entry point to the seafood industry for Fox Paine, with a deeply experienced management team", said Ignacio Kleiman, Managing Director in Glitnir Capital Corporation. "The respective Glitnir entities were uniquely positioned to advise and provide fully underwritten credit facilities for this substantial transaction. Our global coverage and knowledge of seafood enables Glitnir as a group to deliver full service solutions for seafood clients and investors interested in the sector."

Current management led by Don Giles will remain in place to oversee the company's future growth under the ownership of Fox Paine. Commenting on the transaction, Mr. Giles said: "We appreciated Glitnir's financial expertise and counsel, which helped in making this transaction a reality. Now that it has closed, we look forward to working with our partners at Fox Paine Fund III to create new opportunities for our Company."

W. Dexter Paine, III, President of Fox Paine III, said: "Glitnir is well known for its strong foothold in the seafood industry and they were an important aspect of this transaction. Their industry expertise and know-how made them the natural party to lead the financing and allowed us to complete the transaction quickly and efficiently."

About Glitnir Bank

The financial group Glitnir offers retail, corporate and investment banking services. Glitnir is a leading niche player in three global industry segments: seafood/food, sustainable energy, and offshore service vessels. Glitnir operates in Iceland, Norway, Sweden, Denmark, Finland, the U.K., Luxembourg, Russia, Canada and China, and established a U.S. subsidiary, Glitnir Capital Corporation, in New York in 2007 to strengthen its presence in the Americas. Glitnir is listed on the Icelandic Stock Exchange (GLB).

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