Freshfields Bruckhaus Deringer LLP has advised Icicle Seafoods on its sale by private equity firm Paine & Partners LLC to Convergence Holdings, Inc. and Dominion Catchers LLC.

International law firm Freshfields Bruckhaus Deringer LLP advised Icicle Holdings, Inc., one of the largest and most diversified seafood companies in North America and a portfolio company of firm client Paine & Partners, LLC, on its definitive agreement to sell Icicle to Convergence Holdings, Inc., a company controlled by the Indonesia-based Soetantyo family, and to Dominion Catchers, LLC.

Under the transactions, Dominion will acquire Icicle’s regulated harvesting and processing vessels as well as the associated fishing rights, and Convergence will then acquire Icicle pursuant to a merger agreement. Convergence and Dominion have also agreed to enter into long-term contracts in connection with these transactions.

The Freshfields deal team was led by US partners Mitchell Presser and Doug Bacon, with support from senior associate Omar Pringle and associates Natalie DiTomasso and Michelle Chan. Financing advice was provided by partner James Douglas, counsel Abbey Walsh and associate Clare Joyce. Antitrust advice was provided by partner Bruce McCulloch and associates Josh Chamberlain and Jenny Leahy. Partner Claude Stansbury and associate Dennis Caracristi advised on tax, and partner Howard Klein advised on employee benefits.