Atlantic Canada’s largest wild seafood company, Clearwater Seafoods, will soon have a new owner following the announcement that Premium Brands and a Mi’kmag First Nations Coalition plan to jointly acquire the business, a transaction valued at approximately $1 billion.
“Clearwater on its own is a world class seafood company with a great
management team, best-in-class products and a globally respected brand. In partnership with us and the Mi'kmaq First Nations communities, it will become an even stronger business by leveraging the complementary strengths of our three organizations," says George Paleologou, president and CEO of Premium Brand, adding that Premium is “pleased” to be playing a role to “enhance Frist Nations’ participation in Canada’s east coast commercial fisheries.”
According the companies, the combined seafood operations of Clearwater, Premium Brands and the First Nations participating communities is expected to generate more than $1.3 billion in annual sales with the majority of Clearwater’s sales, approximately 82 per cent, outside of Canada.
The partnership between Premium Brands, the Participating Communities and Clearwater creates a long term 'made in Canada' structure that will contribute to the preservation and enhancement of Canada's national seafood resources.