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.