WINNIPEG — Arctic Glacier Income Fund’s new lease on life has officially begun.
H.I.G. Capital has completed its $434.5 million acquisition of the financially-troubled Winnipeg packaged-ice manufacturer.
The Miami-based private equity investment firm also reiterated that Arctic Glacier Holdings, Inc., as the company is now called, will remain headquartered in Winnipeg.
"We are very excited about the Arctic Glacier opportunity," said 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 (president and CEO Keith McMahon) and the Arctic team."
"The acquisition by H.I.G. provides stability and positions Arctic Glacier for growth," McMahon said. "We wish to thank our customers, suppliers and employees for their support throughout this process."