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

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