Trident to deal Kodiak plant to Pacific Seafood

Here's the press release.

Any takers for American Seafoods?

The American Seafoods factory trawler Ocean Rover moored in Seattle. Wesley Loy photo

Seattle-based American Seafoods has been for sale for years. But a sale has proved elusive, and now the company has "paused its sale process."

"Our business remains strong," CEO Einar Gustafsson said in this press release. He said the company would revisit sale discussions "when the macroeconomic environment improves."

American Seafoods is one of the biggest players in Alaska's groundfish industry. It operates several enormous factory trawlers and controls a large percentage of the total allowable catch of pollock in the Bering Sea.

It's not surprising that American Seafoods is a hard sell.

The company has operated on a foundation of risk and debt. Risk, in that it's largely dependent on the health of a single stock — pollock. And American Seafoods historically has dragged a heavy debt load, though we can't quantify the company's current status in that regard.

Another concern for American Seafoods is the advanced age of its fleet. Most of its vessels were built originally in the 1960s and '70s.

The major shareholder of American Seafoods is Bregal Partners, a private equity firm.

Trident closes sale of Ketchikan plant to Silver Bay

Here's the press release.

Trident completes sale of its Petersburg plant

Here's the press release.

Another company looks to sell

Readers will recall a big deal in 2020 when two legacy processors, Ocean Beauty and Icicle, announced a merger of their salmon and Gulf of Alaska groundfish operations, forming a new company called OBI Seafoods.

Remnants of both Ocean Beauty and Icicle were left over.

Now, one of those remnants, Ocean Beauty, says its distribution business is for sale. The operations include seven seafood distribution locations in Astoria, Boise, Dallas, Helena, Portland, Renton, and Salt Lake City.

Ocean Beauty's owners, including Bristol Bay Economic Development Corp. and three individuals, are "looking to turn their focus to other investments," a press release says.

Ocean Beauty also operates two smoking and processing plants in Washington state.

Peter Pan sale closes

A new ownership group has acquired processor Peter Pan from Japanese seafood titan Maruha Nichiro.

Here's the press release.

Sale of Peter Pan Seafoods announced

Details in this notice from Peter Pan's parent company, Maruha Nichiro.

APICDA to sell Cannon Fish subsidiary to E&E Foods

Here's the press release.

Ocean Beauty cannery offered for sale

Back in August, Ocean Beauty Seafoods said it was closing its Petersburg cannery permanently.

Now the plant is up for sale. Asking price: $3.39 million.

F/V Tlingit Lady update

Silver Bay Seafoods has acquired the seiner Tlingit Lady.

Here's the court order confirming the sale.

Icicle sale called off

The sale of Icicle Seafoods announced in June has fallen through.

Details in this press release.

Icicle Seafoods to be sold in two pieces

After months of speculation, we now have confirmation that the owners of Icicle Seafoods Inc. are selling the company.

Here's the press release.

Icicle, based in Seattle, is one of Alaska's largest seafood processors.

Paine & Partners, the private equity firm that's held Icicle since 2007, says it has agreements to sell Icicle in two pieces.

Convergence Holdings Inc. will acquire Icicle's land-based wild seafood processing and farmed salmon activities.

Dominion Catchers LLC will acquire Icicle's harvesting and processing vessels as well as the associated fishing rights.

"Convergence and Dominion have agreed to enter into long-term contracts to continue Icicle's diversified seafood operations," the press release says.

Convergence is described as "the latest company established by the Indonesia-based Soetantyo family."

The transaction is expected to close in August. Naturally, no one is revealing the sale price.

IFQ for sale

The state is inviting offers for "repossessed" individual fishing quota.

Here's a public notice with more information.

Icicle to acquire Snopac

Looks like we're about to see more processor consolidation at Bristol Bay, home of the state's most valuable sockeye salmon fishery.

Snopac Products Inc. today sent the following email to its fishermen announcing the company's pending sale to Icicle Seafoods Inc.

From: Jenna Hall
Date: Tue, Feb 28, 2012 at 1:03 PM
Subject: Snopac Update

Dear Snopac Fishers,

It has been a busy winter for us here at Snopac and we are writing to bring you up to speed on some significant developments to our 2012 plans and fishing operations.

Tomorrow, a press release is going to be issued by Icicle Seafoods regarding their intention to buy Snopac (we have attached a copy to this email for you to read prior to its release). We have signed a Letter of Intent with Icicle, and are now in the midst of a customary "due diligence" process that will take several weeks. Hopefully the sale will close as both parties intend, however until that happens, it is not final.

Should the sale finalize, we will do everything we can to ensure a smooth transition for our fishers and tenders. There will be many operational details to be sorted out and both Icicle and Snopac intend to do so with the most positive impact for our fleet.

Should the sale not finalize prior to the season, we have made arrangements with Icicle to jointly operate in Bristol Bay in 2012 by consolidating resources and expanding services, which will benefit both our operation and our fleet. Icicle is a very competitive market who boasts short tender lines, great offload capacity and high limits. Working with them will give our fleet access to these benefits.

Either way, you can be assured that you have a competitive market in 2012. In addition, Snopac will be announcing a 2011 retro shortly and we will also be coming out with pre-season logistics as far as northbound freight and other timely issues.

Ben and I will be making telephone calls to each of you to personally address any questions or concerns, but feel free to call Greg, Jenna or Ben at anytime.

Thank you for your fish and your continued support.

All the best,

Jenna

Jenna Blakey Hall
Snopac Products Inc.
Seattle

More from Leader Creek

Here's a note Leader Creek Fisheries founder John Lowrance e-mailed yesterday to the company's Bristol Bay fishermen:

Dear Fishers,

Thank you for your support. As always, we would not be here without you. In recent years, large fish runs and increasing commodity prices for our products have given us all a pretty fine ride. Last year, you received $1.10 for well-handled reds, and this year you will receive a very nice increase over that. All these good things are the result of your continuous efforts to deliver better quality fish year after year, in combination with our commitment to keep pushing forward with quality initiatives, value-added products, and a first class production facility.

Leader Creek made a commitment to an all-refrigerated fleet, sockeye fillets, and a profit sharing relationship during the dark days following the $.40/pound 2001 season. It was a plan borne out of desperation. Prices for H&G in Japan had fallen to a level that would not support the processing/fishing industry as a whole. Fishers joined Leader Creek hoping that through hard work, a commitment to quality, the production of fillets, and the development of new markets in the United Sates, we could lift ourselves back into economic plenty. What you are doing on the water in terms of floating, bleeding, and sliding fish was unthinkable ten years ago. A plant producing 70% fillets was considered impossible. The idea of profit sharing with the fleet more often than not garnered the reaction: "are you crazy Lowrance" or my favorite, "he's ruining Bristol Bay". As you are all aware, the plan borne of desperation has worked out rather well for all of us, and in the process, we have changed Bristol Bay.

There is a price for all things, and you don't get to play the role I have without some cost. Our success has brought with it a huge financial and emotional commitment to running Leader Creek. More and more, I find it overwhelming.

I have decided to sell our stake in LCF in order to unload that financial commitment and risk. From amongst many potential buyers, we are lucky to have attracted the interest of the Canadian Fishing Company (Canfisco) and the Jim Pattison Group (you can read more about them in the attached press release).

Canfisco has no desire to merge or blend or combine Leader Creek with any other entity. They want us as we are: an independent, well-run, profitable enterprise. There are no plans to change anything beyond our normal organic growth. The profit sharing relationship and deal will remain the same. I will be running the company through 2011, and if I like it, I will stay into the future.

My commitment to you is that the company you have dealt with in the past is the company you will see when you arrive in Bristol Bay in 2011. The deals will remain the same, and just like every other year, you will get pushed to produce even better quality fish.

Thank you again for all your cooperation and help over the years. This friendly, dynamic, symbiotic relationship we have is really the best part of it all. I am grateful to every one of you.

Sincerely, from a lucky guy (and gal)

John and Adele

P.S. The unsung heroes in all this are the 430 LCF employees, some of whom have been with us since the beginning. Without their continuous efforts, we would not have carried the ball this far. I am grateful to them as well.

Canfisco buys Bristol Bay processor Leader Creek

Here's the press release:

Dec. 1, 2010

Canadian Fishing Company (Canfisco) Buys Leader Creek Fisheries

Canadian Fishing Company (Canfisco), a privately owned seafood company of Vancouver, Canada is purchasing Seattle-based Leader Creek Fisheries, Alaska's leading producer of wild sockeye salmon fillets.

Canfisco has agreed to purchase Leader Creek Fisheries for an undisclosed price. The deal is subject to the successful completion of due diligence before closing in December.

Leader Creek Fisheries' founder, John Lowrance, started the company in 1999 and pioneered the production of fillets using Bristol Bay sockeye salmon. The Leader Creek Fisheries fleet employs special onboard techniques to produce premium quality salmon to ensure the company's reputation as Bristol Bay's top producer of sockeye salmon fillets. Lowrance will continue to lead the company and ensure a successful transition of ownership.

Dan Nomura, President of Canadian Fishing Company, said "We are excited to become the proud owner of Leader Creek Fisheries. Leader Creek is a successful company and we intend to continue operating the business in the same manner that has resulted in the company's accomplishments. We will build on the company's history of continued growth and success."

Canadian Fishing Company also owns Seattle-based Alaska General Seafoods, a salmon and herring processor with plants in Naknek and Ketchikan.

Canadian Fishing Company, the largest Canadian producer of Pacific salmon and herring, is a vertically integrated seafood company headquartered in Vancouver, British Columbia and is owned by the Jim Pattison Group of Vancouver, Canada, a privately held and diversified corporation with investments in a number of businesses.

Sold!

Lawyers yesterday worked out a sale of troubled processor Adak Fisheries to a newly formed Norwegian-backed concern called Adak Seafood LLC.

Here's the order signed by U.S. Bankruptcy Judge Donald MacDonald.

Adak Seafood got the plant on Adak Island, way down the Aleutian chain beyond Dutch Harbor, for $488,000 in cash plus assumption of $6.7 million in loans from Independence Bank of Rhode Island.

The sale price "is millions of dollars higher" than a competing bid from Trident Seafoods Corp., the judge's order notes. Trident didn't offer to take on the bank debt.

It appears the key to the deal was the pledge of certain sums to satisfy Aleut Enterprise, the processor's landlord on Adak.

The order says the sale should clear the way for the plant to open in time for the lucrative Pacific cod season in January.

That would be a good scenario for the young community of Adak, which is counting on its only fish plant to help to convert the former Cold War military outpost into a viable civilian town.

But never mind the island's future. Deckboss just wonders how long it'll take Kjetil Solberg to turn up again at Adak.

Trident wraps up Wrangell Seafoods

Evidently the sale of bankrupt processor Wrangell Seafoods Inc. to Trident Seafoods Corp. of Seattle is complete.

I still haven't seen anything official, such as a company press release, but a "receipt from proceeds of sale" was filed yesterday in U.S. Bankruptcy Court in Anchorage.

The receipt is for $4.3 million.