Sale of Peter Pan Seafoods by Japan’s Maruha Nichiro Corp. to American buyers has been completed, with the new, vertically integrated seafood company emerging as New Peter Pan.
The sale, at an undisclosed price, was finalized Dec. 31.
“Grounded in Alaska, acting globally,” said Rob Gillam, chief executive officer and chief investment officer of McKinley Capital Management, part of the new ownership group.
As a lifelong Alaskan, said Gillam, he is enthusiastic about investing in the Alaska seafood industry and especially in bringing a storied seafood processor like Peter Pan back under U.S. and Alaska leadership.
“My partners and I want to show the world that Alaska offers world-class sustainable seafood investment opportunities that result in benefits to the state of Alaska, our fishing families and coastal communities, and investors,” Gillam said.
The pandemic notwithstanding, consumer demand for wild, natural and sustainable Alaska seafood remains high, he said. As markets reopen and rebound, 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, he said.
Others in the group include Rodger May of Northwest Fish, the Na’-Nuk Investment Fund, LP, managed by McKinley Capital Management, LLC, and the RRG Global Partners Fund, managed by RRG Capital Management LLC.
“Combining Northwest Fish and Peter Pan’s assets creates a vertically integrated, sustainable seafood platform,” May said. “New Peter Pan 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.”
New Peter Pan is set to continue operating facilities in Dillingham, King Cove, Port Moller and Valdez, with headquarters in Bellevue, Wash.
The new owners are in the process of opening their King Cove facilities, with a focus on implementing a long-term strategy of hiring and empowering the most talented people in the industry,” May said. “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,” he said. “We are excited to embark with all of our key stakeholders on this journey to revitalize the company.”