The 'For Sale' sign is back on Icicle’s front door and folks inside and outside the company seem more confused than ever as to where things go from here.

Let’s go back to 2007 when Paine & Partners (at the time called Fox Paine) purchased Icicle for an estimated $200 million (€176.8 million). Sales at the time were reported to be around $300 million (€265.3 million).

Back then, when the deal was announced, Fox Paine’s Chris Ruettgers (recently appointed CEO of Icicle) outlined the strategy behind his firm’s investment: “We have several hundred millions of dollars of growth capital available to [Icicle] to go out and make acquisitions.