Catkin Ventures Inc. Announces Sale of Icy Waters to Sapphire Springs Inc.
- November 1, 2023
Catkin Ventures Inc., a family-owned holding company today announced the closing of the sale of Icy Waters Ltd., a vertically integrated Arctic Char farm located in Whitehorse, Yukon to Sapphire Springs Inc., a sustainable land based closed containment aquaculture company located 30 minutes north of Winnipeg, Manitoba.
Since it’s inception in the 1990s, Icy Waters Ltd. (IWL) has been focused on developing a peerless strain of high-quality Arctic Charr brood stock through genetic research and selective breeding. Their Arctic Charr ova has become the first choice for many fish farmers, exporting it to aquaculture facilities throughout the world. IWL also grows, harvests, and sells their fish to food distributors throughout Canada, and set the standard for exceptional quality and service in farmed Arctic Char. Catkin Ventures will retain Fish Lake Road, a pet treats and pet food division that grew out of the company’s commitment to sustainable farming.
Sapphire Springs (SSI) is a company that has made a serious commitment to Arctic Char and sustainable land based recirculating aquaculture facility just north of Winnipeg, Manitoba. With a solid vision to grow and distribute Arctic Char
products to the world markets at scale, they saw the potential of acquiring Icy Waters’ exceptional brood stock and company brand as a natural next step in their plan to create a truly world class company.
“[Icy Waters] has done amazing things over the years; carefully creating and curating one of the best seedstock aquaculture assets in the world in Whitehorse” said SSI president Ken Blair. “We are excited to have acquired their renowned brood stock, aquaculture expertise, and brand and are committed to building on this fantastic foundation of quality. SSI is well poised to fulfill our vision faster because of this acquisition.”
Sheri James, President of Catkin Ventures said “We are exceptionally proud of what we were able to create at IWL over the last three decades, but it was time to find someone who could take the Arctic Char marketplace to the next level. SSI is committed to leveraging and building upon what our team has developed. We are excited to watch their progress.”
Doug Hotson, General Manager of IWL, who is moving to SSI to help lead the transition echoed James’ comments “We retained the entire management and operations team and will be working to build on Icy Waters’ success. While SSI has an extensive facility in Manitoba, IWL’s location in Whitehorse will remain strategically important. Our customers will see no change in the commitment to exceptional quality and service and everyone is excited to see this next stage in the growth of this company. ”
No terms were disclosed concerning the sale but the transaction closed September 27th, 2023.