Amy Humphreys Appointed Chief Executive Officer Of Icicle Seafoods

SEATTLE, Feb. 21, 2013 /PRNewswire/ -- Icicle Seafoods, Inc. ("Icicle"), one of the largest and most diversified seafood companies in North America, today announced the appointment of Amy Humphreys to the position of President and Chief Executive Officer, effective immediately, succeeding Dennis Guhlke, who has resigned. 

Most recently, Ms. Humphreys served as President of Delta Western, Inc., a leading petroleum marketing and distribution company in Alaska. 

"We are delighted to welcome Amy to Icicle," said Mitchell Presser, a founding Partner at Paine & Partners.  "Amy is a proven and results-oriented leader with extensive experience in Alaska, including as President of Delta Western, Inc., and 11 years of strategic operational experience at American Seafoods Group.  Her operating experience and leadership qualities make her the right person to lead Icicle during its next phase of growth and development.  Under Amy, we are confident that Icicle will continue to build upon its position as a leading producer, harvester and processor of a diverse portfolio of seafood products."

Mr. Presser added, "Under Dennis's leadership as President and CEO, Icicle made considerable strategic advancements, including diversifying into aquaculture with the acquisition of American Gold Seafoods, and a number of substantial investments and acquisitions in our core Alaskan operation, including the recent acquisition of Snopac.  Dennis has successfully led Icicle through a critical growth phase, and the entire company is grateful for his leadership and dedication and we wish him every success in his future pursuits."

Commenting on her appointment, Ms. Humphreys said, "This is an exciting opportunity.  Icicle has a highly diversified business with strong customer relationships, long standing fishermen partnerships, and a deeply talented and devoted employee base.  I believe the Company has many opportunities to continue its growth in both wild and farmed seafood product offerings.  I look forward to working with Icicle's management team and employees to enhance the Company's market position and accelerate its growth and success."

Prior to her role at Delta Western, Ms. Humphreys was Chief Financial Officer of Northstar Utilities Group, the parent company of five fuel distribution operating companies and a subsidiary of Saltchuk Resources.  Prior to that, Ms. Humphreys held various executive roles at American Seafoods Group, including Vice President of Corporate Development and Treasurer. 

About Icicle Seafoods, Inc.
Icicle Seafoods, Inc. is one of the largest and most diversified seafood companies in North America. Icicle's core business is the primary processing of seafood including wild salmon, pollock, crab, halibut, cod, sablefish and herring in most major fisheries throughout Alaska, with both on-shore and floating processing facilities. Icicle also owns the largest United States owned and operated salmon farming company located in the Pacific Northwest of the United States as well as a joint venture in Chile producing farm raised salmon and trout. Icicle's products are sold throughout the world into a variety of customer channels including industrial, food service, wholesale and retail. Providing these markets with the highest quality seafood has been a founding principle of Icicle. Icicle is headquartered in Seattle, Washington and is owned by investment funds managed by Paine & Partners, LLC, a New York, Chicago and San Francisco based private equity fund.

About Paine & Partners
Paine & Partners provides equity capital for management buyouts, going private transactions, and company expansion and growth programs.  Paine & Partners engages exclusively in friendly transactions developed in cooperation with a company's management, board of directors and shareholders.  The firm currently makes investments through its $1.2 billion fund, Paine & Partners Capital Fund III, L. P. and related entities.

Paine & Partners focuses on the food and agribusiness industry globally, and its principals, through a predecessor fund, have made successful strategic investments in Seminis, then the world's leading global developer, producer and marketer of vegetable and fruit seeds; and Advanta Netherlands Holdings BV, at the time, the largest independent agronomic seed company in the world.  Paine & Partners' most recent investments include Verdesian Life Sciences, LLC, a U.S.-based plant health and nutrition investment platform; Scanbio Marine, a leading Norwegian producer of fish protein concentrate, fish meal, and fish oil; Costa Group, Australia's largest integrated grower, packer and marketer of fresh fruits and vegetables; and Eurodrip, a leading global manufacturer and supplier of drip irrigation solutions for agricultural and landscaping applications. The complex investment opportunities in today's rapidly evolving agribusiness environment play to the strengths of Paine & Partners' differentiated approach.  For further information, see www.painepartners.com.

SOURCE Icicle Seafoods, Inc.

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