Clearwater Seafoods

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Clearwater Seafoods
IndustrySeafood
Founded1976; 49 years ago (1976)
FoundersJohn Risley and Colin MacDonald
Headquarters
Bedford, Nova Scotia
,
Canada
OwnerPremium Brands Holdings Corporation and FNC Holdings Limited Partnership
Websitewww.clearwater.ca/en/

Clearwater Seafoods is a seafood company based in Bedford, Nova Scotia, Canada.[1] It is the largest shellfish producer in North America.[2] The company was founded in 1976 by John Risley and Colin MacDonald.[1] The pair sold lobster out of a truck, and gradually expanded the business from there, reaching global revenues of Can$500 million in 2015.[3][4] Clearwater Seafoods is a vertically integrated producer, meaning it is involved in all stages of the process from harvest to distribution.[3] The company fishes and processes products that include sea cucumber, crab, lobster, scallops, and clam, distributed in 59 countries.[1] As of 2019 its global sales were Can$612 million.[1] However, its sales were significantly impacted by the 2020 COVID-19 pandemic, particularly the cessation of live lobster sales in China.[2] In November 2020, it was announced that Clearwater Seafoods was acquired as a joint venture partnership between Premium Brands Holdings Corporation and a group of Mi’kmaq First Nations (under the name FNC Holdings Limited Partnership) for Can$1 billion.[5][6] As part of this deal, the Mi'kmaq acquired all of the company's fishing licenses.[5] Membertou First Nation Chief Terry Paul referred to the deal as a "generational acquisition" which "will have lasting positive impacts on the economics of our Mi'kmaq communities".[7] Reports on this sale have commented that it may exacerbate the 2020 Mi'kmaq lobster dispute.[8][7]

References

  1. ↑ 1.0 1.1 1.2 1.3 Paul Withers (5 March 2020). Amid announcement Clearwater is up for sale, CEO says it's 'business as usual'. CBC.
  2. ↑ 2.0 2.1 Paul Withers (5 March 2020). Coronavirus takes bite out of Clearwater's seafood sales to China. CBC.
  3. ↑ 3.0 3.1 Clearwater Seafoods rides the export wave of good fortune (19 February 2016). The Financial Post.
  4. ↑ Clearwater's History and Achievements. Retrieved 11 November 2020.
  5. ↑ 5.0 5.1 Geoffrey Morgan (10 November 2020). Clearwater Seafoods sold in $1 billion deal that will see Mi'kmaq communities own 50 per cent. Financial Post.
  6. ↑ Clearwater Seafoods Incorporated, Premium Brands Holdings Corporation and Mi'kmaq First Nations' Coalition Celebrate completion of Historic Transaction (25 January 2021). Newswire.
  7. ↑ 7.0 7.1 Brett Bundale and Michael Tutton (10 November 2020). First Nations chief calls $1-billion Clearwater deal a 'generational acquisition'. CTV.
  8. ↑ Greg Mercer (10 November 2020). Landmark deal involving Mi’kmaq and Clearwater Seafoods risks inflaming fishery tensions. The Globe and Mail.

External links

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