Clearwater Seafoods

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 C$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 C$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 C$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. Paul Withers (5 March 2020). Amid announcement Clearwater is up for sale, CEO says it's 'business as usual'. CBC.
  2. Paul Withers (5 March 2020). Coronavirus takes bite out of Clearwater's seafood sales to China. CBC.
  3. 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. 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. 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.
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