With finalization of Maruha Nichiro’s sale of Bellevue, Washington-headquartered Peter Pan Seafood Company (PPSF) to an ownership group including entrepreneur Rodger May of Northwest Fish, the Na’-Nuk Investment Fund managed by McKinley Capital, and the RRG Global Partners Fund on December 31, the “New Peter Pan” is looking forward to a new beginning with markets reopening and rebounding.
The price paid for the vertically integrated seafood company, which reportedly recorded operating losses of approximately US $21 million on sales of approximately $150 million for the year ending in March of 2020, was not revealed.
“PPSF’s Alaskan salmon business has continued to experience operating losses due to factors such as soaring raw fish prices due to the intensified competition, high costs due to poor catch of fish, and a fall in production,” said Tokyo, Japan-headquartered Maruha Nichiro in a statement issued last fall.
That said, optimism about the future abounds with the new owners and management team.
“As a lifelong Alaskan, I am enthusiastic about investing in the Alaska seafood industry, and especially in bringing a storied seafood processor like Peter Pan back under US and Alaska leadership,” said Rob Gilliam, chief executive officer and chief investment officer of McKinley Capital. “Despite the struggles of 2020, consumer demand for wild, natural and sustainable Alaska seafood remains high. New Peter Pan is positioned to harness the brand strength of Alaska seafood as we transform the company and begin to create a new legacy.”
Rodger May, who is serving as the company’s president and chief growth officer, commented: “Combining Northwest Fish and Peter Pan’s assets creates a vertically integrated, sustainable seafood platform. It aligns the customer-focused mindset and value-added offerings we’ve developed at Northwest Fish with a high-quality Alaska seafood supply. This means that we’ll be able to provide more markets for the combined companies’ products and create opportunity throughout the entire supply chain.”
Peter Pan will continue to operate salmon, halibut, Pacific cod, pollock and crab processing facilities in Dillingham, King Cove, Port Moller and Valdez, as the new ownership group is committed to running operations with little disruption.
“King Cove is the first plant to open in the new year, and we are focused on implementing a long-term strategy of hiring and empowering the most talented people in the industry,” said May. “As a values-driven company, we share a commitment to quality, corporate stewardship, our employees, and to exceeding the expectations of our local fishing fleets, the communities where we operate, and our customers. We are excited to embark with all of our key stakeholders on this journey to revitalize the company.”
“We are passionate about supporting local fishing communities and providing healthy, sustainable seafood to consumers across the globe while preserving ocean ecosystems,” said Ari Swiller, co-founder
of RRG Capital Management. “We believe that sustainably managed, vertically integrated seafood companies are attractive investments and create environmental and social benefits. By focusing New Peter Pan on its customer and fleet services, we’re confident we can create tremendous value for our customers and our stakeholders.”
