Daily News: July 30, 2012

H.I.G. Capital Acquires Assets of Arctic Glacier Income Fund


H.I.G. 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 effectuated pursuant to the Companies’ Creditors Arrangement Act (Canada) and the U.S. 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 is a producer, marketer and distributor of high-quality packaged ice. The company 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. The company also provides ice in bulk quantities to industrial and commercial customers.

Keith McMahon, president and CEO of Arctic Glacier. commented, “The acquisition by H.I.G. 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,” added Bret Wiener, a managing director of H.I.G. 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.”