Antarctica Advises Canada’s Clearwater in the sale of its scallop fishing operations in Argentina

Antarctica Advisors International acted as the exclusive cross-border M&A advisor to Canada’s Clearwater Seafoods in the sale of its Argentine subsidiary Glaciar Pesquera to Grupo Newsan, a major local conglomerate and leading seafood exporter.

Founded in 1995 as a JV between Clearwater Seafoods and successful entrepreneur Eduardo González Lemmi, Glaciar is an Argentine company dedicated exclusively to the fishing, processing, and commercialization of frozen-at-sea Patagonian scallops. Headquartered in Mar del Plata, it employs 170 full-time workers and operates two specialized frozen-at-sea factory vessels. Glaciar’s products are primarily exported to France and the US.

Grupo Newsan is one of Argentina’s leading business conglomerates. Through its Food Division, it is Argentina’s largest exporter of fishery products, reaching more than 70 countries across Europe, Asia, and the US with a portfolio that includes Patagonian shrimp, hake, squid, black hake, and other premium species.

Ian Smith, CEO of Clearwater, stated: “This transaction represents a meaningful step for Clearwater as we continue to focus on our core operations. We are pleased to have found a very capable partner in Grupo Newsan to support Glaciar’s next phase. We appreciate the structured process led by Antarctica Advisors and their support in helping us reach an outcome aligned with our strategic objectives.”

Ignacio Kleiman, Managing Partner at Antarctica Advisors, commented: “We aimed toachieve our client’s stated strategic and financial objectives while leaving a prized business in able hands. This transaction is a testament to the value that an experienced, specialized M&A advisor with global reach can deliver, by creating a competitive transactional environment.”

Diego Glikman, Director of Newsan’s Food Division, remarked: “We are taking ownership of a company that is a global benchmark in sustainability and quality, with a top-tier team and a product, the Patagonian scallop, that is highly valued in the world’s main markets. For our division, this operation represents a new dimension in our capacity for integration and international expansion.”

Transaction Summary

Antarctica Advisors International, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to Canada’s Clearwater Seafoods, a subsidiary of Premium Brands Holdings, in the majority sale of Glaciar Pesquera S.A., its Argentine scallop fishing operation, to Grupo Newsan, a major local conglomerate and seafood exporter.

Antarctica’s Role

Antarctica’s team of M&A professionals ran a competitive sale process, aimed at finding a long-term partner for the company that would align with Clearwater’s goals for Glaciar and its employees. Antarctica organized and managed the end-to-end transaction process. This included preparing valuation and sales materials, identifying potential buyers globally, and providing support with transaction execution.

 

For further information on this transaction, contact:
Ignacio Kleiman, Antarctica Advisors International, IKleiman@AntarcticaINTL.com