Canadian seafood company Clearwater Seafoods has been jointly acquired by Premium Brands and a Mi’kmaq First Nations coalition, in a deal worth approximately CAD1 billion ($767 million).
Founded in 1976, Clearwater Seafoods is based in eastern Canada and catches and sells a range of seafood products such as shellfish to customers in the foodservice and retail industries. The majority of Clearwater’s sales are to customers outside of Canada.
As part of the transaction, Premium Brands and the Mi’kmaq First Nations Coalition led by Membertou First Nation will both acquire a 50% stake in Clearwater Seafoods, which will continue to operate as a distinct entity with the Clearwater name.
According to a joint statement, the acquisition will create a long term ‘made in Canada’ structure that will contribute to the preservation and enhancement of Canada’s national seafood resources for the benefit of First Nations, the stakeholders of Premium Brands and Clearwater, as well as for all Canadians.
George Paleologou, president and CEO of Premium Brands, said: “We are very pleased to be partnering with both the Mi’kmaq First Nations communities and Clearwater.
“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 organisations.”
Chief Terry Paul, Membertou First Nation, added: “This represents a historic opportunity for the Mi’kmaq to strengthen our role in Canada’s commercial fisheries, including playing a much larger part in its unique deep-water fisheries.
“Mi’kmaq will not only become 50% owners of Clearwater with our new partner, Premium Brands, but will proudly hold all of Clearwater’s Canadian fishing licences within a fully Mi’kmaq owned entity.”
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