Antarctica Advisors Acts as Exclusive Investment Banking Advisor to Mitsui Co. (U.S.A.), Inc. in the sale of assets of Mitsui Foods, Inc. to Gellert Global Group’s Atalanta Corporation

November 1, 2021 – Antarctica Advisors LLC, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to Mitsui & Co. (U.S.A.), Inc. (“Mitsui”), in the sale of the assets of Mitsui Foods, Inc. (“MFI”) to Gellert Global Group’s (“GGG”) Atalanta Corporation.

MFI is a leading importer and distributor of canned and frozen seafood as well as canned fruit and vegetables, that dates back to1953.  Since then, Mitsui Foods has been importing fine grocery and specialty food products from around the world under various brands. These brands, including the EMPRESS® brand, will be integrated across the Gellert Global Group divisions, including Atalanta Corporation and Camerican International.

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Antarctica Advisors Acts as Exclusive Investment Banking Advisor to Northern Wind Inc. in its 100% Sale to ACON Investments, LLC

October 14th, 2021 – Antarctica Advisors LLC, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to Northern Wind Inc. (“Northern Wind”), one of the leading scallop processors in the US, in its sale to ACON Investments LLC (“ACON”), a Washington, DC private equity fund with global presence and over $6.0 billion in raised capital. The acquisition of Northern Wind is an integral part of ACON’s strategy to build a newly minted North American sustainable seafood processor and distributor, Atlantic Sustainable Catch (“ASC”).

Northern Wind is a leading producer of scallops and other premium seafood, serving some of North America’s largest retailers. Ken Melanson and Mike Fernandes founded the company in 1987 and continue to oversee the business’s operations today. Northern Wind has 150 employees across three locations in New Bedford, Massachusetts.

As part of the transaction, existing owners and the management team will continue to provide leadership at ASC and will be meaningful shareholders and partners alongside ACON.

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Post-COVID recovery could see spate of seafood company mergers and acquisitions

When the world begins to recover from the COVID-19 pandemic, some prominent seafood executives are predicting a busy period of mergers and acquisitions.

Speaking during the National Fisheries Institute’s 2021 Global Seafood Market Conference’s economic outlook panel, seafood company advisors and CEOs said they expect a combination of factors will lead to increased M&A activity. As companies begin to see a turnaround from the COVID-19-related economic downturn, access to cheap financing could spur companies to look for new opportunities, according to Antarctica Advisors LLC Managing Partner Ignacio Kleiman.

“Money is extremely cheap. Some players see it as an opportunity to grow and consolidate,” Kleiman said. Historically low interest rates, coupled with government-promised support for the industry, will likely spur on M&A activity, he predicted.

“When money is that cheap by historical standards – and you know with so much quantitative easing, it’s going to last for a while – those with a strategic vision can take advantage of that,” Kleiman said. Those factors, he said, point to increase activity.

“There are many forces that point toward more M&A, not less,” he said.

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Glenn Cooke, Ian Smith offer timeline for COVID-19 foodservice recovery

The global COVID-19 pandemic has been a mixed bag for the seafood industry, with retailers notching record seafood sales and the category as a whole seeing gains, even as the foodservice industry virtually collapsed.

That downturn is expected to change direction this year, with foodservice operators optimistic about 2021. Seafood company CEOs and advisors, speaking during the National Fisheries lnstitute’s Global Seafood Market Conference’s economic outlook panel, also expressed optimism about the industry’s recovery. While in the short-term the rebound may be slight, as trend experts have predicted, once relative normalcy returns demand could see a big boost.

“I think the euphoria of people once we get through this is going to be incredible [and] we’re going to see a fast and quick recovery,” Cooke Aquaculture CEO Glenn Cooke said during the panel.

Due to travel restrictions, office closures, and lockdowns, most people haven’t been able to enjoy the restaurant experiences they’re familiar with for months. Cooke and other panel members predicted that will cause a sharp rebound once things reopen.

“As soon as they are vaccinated or in some cases earlier, as the warm weather comes, people are going to escape the cage,” Antarctica Advisors LLC Managing Partner Ignacio Kleiman said.

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Maruha Nichiro closes deal to offload Peter Pan Seafoods

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.

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Agri-giants are perplexed by seafood. Here’s how companies can change that.

While seafood has proved resilient during the COVID pandemic, investors remain reluctant.

Ignacio Kleinman, managing partner of Antarctica Advisors, says large animal protein companies are still largely perplexed by the complexity of seafood.

“[They] are used to beef, that comes from only one animal, pork that only comes from only one animal,” he explained while speaking as a panelist for the IntraFish Seafood Investor Forum earlier this month .

He added those sectors might gravitate to salmon or other species that are well-managed, but continue to function in a model that focuses on one species, versus several.

“They find the sector a little riskier,” he said of aquaculture, adding that wild-caught seafood is outright ignored by traditional investors because of risk factors that include product variability and high levels of regulation.

“Not all investors are ready to make that jump,” he said. “Those that have, they have done very well.”

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Antarctica Advisors Acts as Investment Banking Advisor to Clearwater Seafoods Inc. in its sale to Premium Brands Holdings and Mi’kmaq First Nations Coalition

November 11, 2020.  Clearwater Seafoods Inc. (TSX:CLR) has entered into a definitive agreement with a coalition of Mi’kmaq First Nations and Premium Brands Holdings Corp (TSX:PBH) for the acquisition of all of the issued and outstanding common shares of Clearwater and the units issued under various equity compensation plans for $8.25 per share in a transaction valued at approximately C$ 1.0 billion, including debt. The transaction price represents a 60.2% premium to Clearwater’s average volume-weighted price for the 20-day period preceding the strategic review announcement on March 5, 2020. The transaction is expected to close in the first quarter of 2021 following the completion of pending shareholder and regulatory approvals.

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Antarctica Advisors Acts as Exclusive Investment Banking Advisor to Stolt Sea Farm in its sale of Sterling Caviar

November 5, 2020 – Antarctica Advisors LLC, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to Stolt Sea Farm Investments BV (“Stolt”) in its sale of Sterling Caviar LLC (“Sterling”) to affiliates of Hyde Road Agricultural Associates LLC (“Hyde Road”).

Established in 1988 by Jacob Stolt-Nielsen, Sterling became the first sturgeon aquaculture company to sustainably farm raise the specie globally. Today, Sterling Caviar is the leading producer of domestic caviar, serving the most discerning chefs, customers, and caviar connoisseurs both here in the U.S. and abroad.

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Stolt sells US caviar farming division, stripping away a long-held aquaculture operation

The sale chips away at another portion of what used to be a massive aquaculture empire.

Norwegian shipping, oil and seafood giant Stolt-Nielsen has reached a deal to sell its Sterling Caviar division to land-based bass and sturgeon producer Hyde Road Agricultural Associates, a source familiar with the sale told IntraFish.

Sterling Caviar owns and operates four white sturgeon farms in Sacramento, California. In 1983 it became the first commercial sturgeon farming operation in California, and has long been a part of the Stolt-Nielsen operation.

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Maruha Nichiro sells Peter Pan Seafoods to PE firm, former owner of Cooke salmon farming operation

The company announced in February it was looking to sell off the company, which traces its roots back to 1898 in Alaska.

Maruha Nichiro-owned Peter Pan Seafoods, one of Alaska’s oldest salmon processing companies, has been sold to a group of investors that includes Rodger May, the former owner of Washington State salmon farms now owned by Cooke Aquaculture, and private equity firm McKinley Capital Management.

Officials at Maruha Capital Investment Inc. which owns Peter Pan, along with Westward Seafoods, Alyeska Seafoods, Premier Pacific Seafoods and Trans-Ocean Products in the United States, announced in February it was looking to sell off the company, which traces its roots back to 1898 in Alaska.

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