WINNIPEG—A Miami-based private equity fund has a friendly deal to buy Winnipeg-based Arctic Glacier, which distributes packaged ice to retailers throughout Canada and the U.S.
Arctic Glacier has been operating under court-protection from creditors and recently received approval to settle a class-action suit brought on behalf of its investors, who would be entitled to a share of $13.75 million in payouts.
Financial terms the of the proposed takeover by an affiliate of H.I.G. Capital weren’t disclosed.
However Arctic Glacier said its secured lenders would be repaid in full, all its employees will be offered work and head office will stay in Winnipeg.