Wednesday, November 4, 2020

Northwest Fish Co., Investment Firm Plan Purchase of Peter Pan Seafoods

A Washington state seafood holding company and a global investment and research firm in Anchorage, Alaska, have entered into an agreement to purchase Peter Pan Seafoods.

Northwest Fish Company, led by Rodger May, and McKinley Capital Management LLC in Anchorage, Alaska, said that they have entered into a definitive agreement to acquire assets of Peter Pan Seafoods, a wholly owned subsidiary of Maruha Capital Investments, a subsidiary of the Fortune 500 company Maruha Nichiro Corporation in Japan. The buyers said in a joint statement that they plan to combine operations of Peter Pan Seafood, which has been in business for over 100 years in Alaska, with Northwest Fish Company’s rapidly growing sales and value-added processing seafood business. “As local owners and operators, we bring strong leadership and a commitment to Alaska. We are excited to be a part of this 100-year-old seafood processing company’s growth, and to combine it with Northwest Fish Co.’s rapidly growing sales and value-added processing seafood business,” they said. “We believe in the value and strength of the Alaska seafood brand and are committed to providing more wild Alaska seafood to consumers,” their statement said.

Meanwhile Maruha Nichiro Corporation, the parent company of Peter Pan Seafoods, issued its own statement regarding the forthcoming sale. According to Maruha Nichiro President Masaru Ikemi, Peter Pan Seafoods has suffered operating losses due to soaring raw fish prices due to intensified competition, high costs due to poor catch of fish and a fall in production. ““The company's financial performance will not be expected to improve as the competition for raw fish materials is expected to intensify in the future, Maruha Nichiro said. “Under these circumstances, the company intends to withdraw from the Alaska salmon business and has reached a contract to sell all PPSF-owned factories, fixed assets and operations.”

For these reasons, he said, Maruha Nichiro has reached a contract to sell all Peter Pan Seafoods owned factories, fixed assets and operations, in a sale to be completed on Dec. 31, 2020.

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