Alaska Native Corporation Sealaska has acquired New England Seafood International Limited (NESI), one of Britain’s largest seafood suppliers, the groups said on Friday.
Bristol Bay Native Corporation – $ 1.7 billion
Arctic Slope Regional Corporation – $ 2.6 billion
NANA – $ 1 billion *
Chugach – $ 920 million
Cook Inlet Region Inc. – $ 439 million
Calista – $ 480 million
Sealaska – $ 293.4 million
Doyon Limited – $ 290.5 million
Koniag – $ 267 million
Ahtna – $ 238 million
Aleut Corporation – $ 211 million
Bering Strait Indigenous Society – N / A
Source: Alaska Business Monthly
* Part of NANA’s income is distributed to other indigenous companies
NESI is a London-based supplier of premium quality fresh and frozen sustainable fish and seafood to retailers and major foodservice brands, according to the announcement.
“One of the biggest challenges facing humanity is how to feed, water, educate and house a growing population on a finite planet,” Sealaska COO Terry Downes said of of the agreement.
“Huge social, environmental and economic value is possible when strong, like-minded organizations join forces across the world to make a bigger difference. Solving our most pressing problems requires working together with a holistic mindset.
NESI founder Fred Stroyan will retain a stake in the company. Stroyan will also remain on the board of directors of NESI.
Key members of the company’s management team, including NESI CEO Dan Aherne, will continue in their roles. The NESI brand will remain independent and will continue its journey of three decades, depending on the entities.
Joining forces will provide the two companies with increased access to resources, broader product and category capabilities and deeper market access, according to the announcement. The expanded seafood group and improved management capacity provide the opportunity to invest more to build on successes.
New England Seafood reported a 10% drop in operating profits for full year 2019, but the group said it was satisfied with the performance “given the difficult business conditions on UK Main Street”.
In total, the group’s operating income before exceptional items and depreciation and amortization decreased to £ 5 million (€ 5.5 million / $ 6.3 million) in the fiscal year ended October 2019.
Revenue increased 4% year-on-year to £ 161million (€ 178million / $ 204million) as the company focused on growing its retail segment and its businesses. offers.
Sealaska has experienced ambitious growth in recent years. In 2017, the group acquired a majority stake in Odyssey and Tokusui Corporation of America, owners of the American frozen seafood supplier Orca Bay Seafoods. Sealaska then merged Orca Bay and Odyssey in an effort to gain efficiency and economies of scale, he said.
The new entity combined the people and factories of Odyssey and Orca, in addition to the processor of Seattle Independent Packers Corporation (IPC), in which Sealaska also has a stake.
Alaska’s 12 Native corporations have significant investment funds. The companies, created under a federal law in 1971 called the Alaska Native Claims Settlement Act, employ 58,000 people worldwide, according to the Alaska Resource Development Council. They are the largest landowners in the state, and the companies’ combined revenues are estimated at over $ 8 billion (€ 6.9 billion).
The group jackpot has been invested over the past four decades in both good and bad assets. However, recent years have shown a significant increase in the sophistication of group management, in part due to an influx of a younger generation more eager to develop groups.
Last year, the Bristol Bay Native Corporation (BBNC) acquired Clipper Seafoods and Blue North Fisheries, two of the largest Pacific cod fishers and distributors on hook-line in the United States, and merged the group into a new entity, Bristol Bay Alaska Seafood.
The group, led by former Icicle Seafoods CEO Amy Humphreys, is said to have been considering further acquisitions and reviewing, among other assets, Alaskan pollock giant American Seafoods, though talks have been stalled in August.