Clearwater Seafoods is a seafood company based in Bedford, Nova Scotia, Canada. It is the largest shellfish producer in North America.[1]
The company was founded in 1976 by John Risley and Colin MacDonald.[2] 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.[2] As of 2019 its global sales were Can$612 million.[2] However, its sales were significantly impacted by the 2020 COVID-19 pandemic, particularly the cessation of live lobster sales in China.[1]
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". Reports on this sale have commented that it may exacerbate the 2020 Mi'kmaq lobster dispute.[7][8]
External links
References
- Paul Withers (5 March 2020). Coronavirus takes bite out of Clearwater's seafood sales to China. CBC.^
- Paul Withers (5 March 2020). Amid announcement Clearwater is up for sale, CEO says it's 'business as usual'. CBC.^
- Clearwater Seafoods rides the export wave of good fortune (19 February 2016). The Financial Post.^
- Clearwater's History and Achievements. Retrieved 11 November 2020.^
- Geoffrey Morgan (10 November 2020). Clearwater Seafoods sold in $1 billion deal that will see Mi'kmaq communities own 50 per cent. Financial Post.^
- Clearwater Seafoods Incorporated, Premium Brands Holdings Corporation and Mi'kmaq First Nations' Coalition Celebrate completion of Historic Transaction (25 January 2021). Newswire.^
- Greg Mercer (10 November 2020). Landmark deal involving Mi’kmaq and Clearwater Seafoods risks inflaming fishery tensions. The Globe and Mail.^
- Brett Bundale and Michael Tutton (10 November 2020). First Nations chief calls $1-billion Clearwater deal a 'generational acquisition'. CTV.^