Bristol Bay Native Corporation to Acquire Blue North Fisheries and Clipper Seafoods
Bristol Bay Native Corporation (BBNC) announced the pending acquisition of Blue North Fisheries and Clipper Seafoods, two leading operators in the sustainably-managed freezer longline cod sector of the Bering Sea fishery. Effective September 30th, this acquisition will put BBNC, an Alaska Native corporation with deep cultural ties to fishing, in a position to bring Bering Sea earnings home to Alaska, benefiting its 10,000 shareholders as well as the local economy.
Blue North and Clipper Seafoods will be organized under Bristol Bay Alaska Seafoods, a newly-formed subsidiary of BBNC. Former Clipper Seafoods President David Little will continue to manage operations, and both Michael and Patrick Burns of Blue North Fisheries will also stay involved in operations. Additionally, BBNC has created Bristol Bay Seafood Investments LLC to serve as a holding company for Bristol Bay Alaska Seafoods LLC and any future seafood investments.
“BBNC is excited about the acquisition of Blue North Fisheries and Clipper Seafoods, two companies with impressive legacies in the Bering Sea freezer longline sector,” said Jason Metrokin, BBNC’s President and CEO. “Their track records of success, both financial and environmental, made this an attractive investment for BBNC, and one that will provide immense value to our shareholders. We are eager to participate in this world-class fishery and, over time, hope to grow our footprint in the seafood industry.”
The freezer longline cod sector of the Bering Sea is certified by the Marine Stewardship Council as a well-managed and sustainable fishery. Blue North Fisheries and Clipper Seafoods have been leading the industry for decades, pioneering many of the fishing practices and technologies that have made this one of the most environmentally sustainable commercial fisheries in the world.
“We look forward to continuing to deliver top quality products to our customers under this new ownership structure,” said David Little. “BBNC stands behind our values and commitment to safety at sea, environmental stewardship, and maintaining high levels of customer satisfaction. We couldn’t have asked for better partners and we are excited to begin this next chapter in our participation in the world’s greatest cod fishery.”
Antarctica Advisors LLC acted as exclusive M&A advisor to BBNC in this transaction. Zachary Scott & Co. acted as exclusive M&A advisor to both Blue North and Clipper in the merger and acquisition transactions.
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