As per the acquisition deal, the transaction was effectuated pursuant to the Companies’ Creditors Arrangement Act (Canada) and the US Bankruptcy Code.
The new start up will be rebranded as Arctic Glacier Holdings, based in Winnipeg, Canada, and will continue to manage business under "Arctic Glacier".
Arctic Glacier president and CEO Keith McMahon said the acquisition by HIG provides stability and positions Arctic Glacier for growth.
HIG Capital managing director Bret Wiener said, "The Company is a market leader with a diversified customer base, broad geographic footprint and high quality production and distribution assets."
Arctic Glacier producer, marketer and distributor of high-quality packaged ice through a network of 39 production plants and 48 distribution facilities and services more than 75,000 retail locations in the US and Canada.
Headquartered in Miami, HIG had over $8.5bn of equity capital under management which offers capital to small and medium-sized companies with attractive growth potential.
