Entrepreneur Rodger May and McKinley Capital closed the acquisition of Peter Pan Seafoods from Maruha Nichiro, combining Peter Pan with May’s Northwest Fish Company to form a roughly US$300 million business with processing plants in King Cove and Dillingham, Alaska, and other support sites
Maruha Nichiro, the world’s largest seafood company, has finalized the sale of Alaska seafood processor Peter Pan Seafoods, sources familiar with the deal told IntraFish on Monday.
Tokyo-based Maruha Nichiro announced in November it reached a deal to sell the company to an investment group including Alaska-based private equity group McKinley Capital Management and Rodger May, the former owner of Washington State salmon farms now owned by Cooke Aquaculture. The deal closed Dec. 31.
Maruha said at the time 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 earlier this year, 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.
Ignacio Kleiman, managing partner at Antarctica Advisors, which is handling the sale, declined to comment on the sale to IntraFish.