With new ownership and a new outlook, the Peter Pan Seafood Company is a platform for future growth, Rodger May, one of the new owners of the company and the incoming president and chief growth officer, told IntraFish on Monday.
Maruha Nichiro, the world's largest seafood company, finalized the sale of Alaska seafood processor Peter Pan Seafoods on Dec. 31.
The new Peter Pan Seafood Company is the result of a merger of Peter Pan Seafood’s assets and Northwest Fish, which is owned by May, and provides the new Peter Pan with a value-added production and sales capability.
"Northwest Fish was service and sales driven and Peter Pan was production driven," May said of the synergies.
The combined entity now has the ability to produce some 40-50 million pounds of value-added seafood, he said.
The merger of the companies into the new Peter Pan stemmed from what May calls an "adapt or perish" moment. Bringing the two firms together, he said, offers a solid foundation for future growth of the company.
"We'll see what fits and bolts on in the future," said May.
The new ownership group is comprised of May, the Na’-Nuk Investment Fund, managed by McKinley Capital Management, LLC, and the RRG Global Partners Fund, managed by RRG Capital Management.
Northwest Fish was founded by May, and he will join the new Peter Pan leadership as president and chief growth officer. He said the company will operate as usual for the next 90 days as it integrates operations and assembles its management team.
The new Peter Pan will continue to operate facilities in Dillingham, King Cove, Port Moller, and Valdez with headquarters in Bellevue, Washington.
Maruha said it expected a loss of roughly $27.9 million (€23.9 million) on the sale, after several months of unsuccessful efforts to sell the group.
Maruha began the sales process for Peter Pan Seafoods in early 2020, following a dismal 2019 Alaska salmon season. Last year's salmon season was also a challenge for the group as competition continued to intensify in the state.