The company was started as Petersburg Fisheries, Inc. in 1965 by a group of Alaskan fishermen, led by founding CEO Robert Magnus Thorstenson, Sr., vice President Thomas E. Thompson, and fishermen Magnus A. Martens and Gordon Jensen, who would become the chairman of the board[clarification needed] during the founders' final years.
The company was sold to Fox, Paine and Partners in 2007 by the original stockholders, who by this time had migrated approximately to about 75% management and employee ownership, from the original all-fishermen and manager ownership, through an ESOP plan that transferred great benefits to the company's year-round employees.
Today, Icicle is Petersburg's largest hometown employer, taxpayer, economic engine and backbone.
In February 2020, Icicle Seafoods was recognized by Whole Foods Market in its annual Supplier Awards.
The company received an award in the retailer's "Raising the Bar for Quality" category.