Icicle Seafoods
| Company type | Private |
|---|---|
| Industry | Seafood processing and wholesale |
| Predecessor | Petersburg Fisheries, Inc. |
| Founded | 1965 |
| Founder | Robert Magnus Thorstenson, Sr., Thomas E. Thompson, and others |
| Headquarters | Seattle , United States |
Area served | Alaska, Canada, Washington state |
Key people | Robert Magnus Thorstenson, Sr. (CEO), Thomas E. Thompson (Vice President) |
| Products | Halibut, black cod, salmon |
| Owner | Cook Aquaculture (since 2016) |
| Website | www |
Icicle Seafoods operates as a seafood processing and wholesale company in the United States, with facilities located both on land and aboard vessels throughout Alaska. Its corporate headquarters are situated in Seattle, Washington.
The company originated in 1965 under the name Petersburg Fisheries, Inc., established by a group of Alaskan fishermen including CEO Robert Magnus Thorstenson, Sr., and Vice President Thomas E. Thompson. This founding team acquired the Pacific American Fisheries cannery located in Petersburg, Alaska. Ownership was divided with the four main founders holding a 55% stake, while fishermen collectively owned the remaining 45%. In 1977, the business adopted the name Icicle Seafoods, Inc.
By the early 1980s, Icicle had become the leading global producer of halibut and black cod, as well as ranking among the top salmon producers worldwide.
In 2007, Icicle was sold by its original shareholders to Fox, Paine and Partners. At that point, approximately 75% of the company was held by management and employees through an ESOP, which provided benefits to full-time staff. A decade later, in 2016, Cook Aquaculture purchased Icicle, restoring ownership to a fishing family after years under institutional investors.
The initial funding for the company comprised $100,000 contributed by the founders and a $900,000 loan. After 42 years, original shareholders exited at $86 per share, a significant increase from the initial price of 2.75 cents per share.
From the 1970s onward, Icicle has established itself as an innovative leader in seafood production, primarily operating within Alaska but also maintaining activities in Canada and Washington state. It continues to be Petersburg’s largest employer and a key economic contributor.
In February 2020, Icicle earned Whole Foods Market’s "Raising the Bar for Quality" Supplier Award. Subsequently, in May 2020, it merged with Ocean Beauty Seafoods to create OBI Seafoods LLC.