Silver Bay Seafoods and Peter Pan Seafoods announced on April 4 that the agreement for Silver Bay to acquire Peter Pan’s Valdez facility has been finalized, and Silver Bay plans to operate the Peter Pan facilities in Port Moller and Dillingham for the 2024 salmon season.
Shifting operations of the two facilities to Silver Bay is a component of a more extensive restructuring that is still being finalized. Silver Bay would acquire Peter Pan’s processing facilities and support sites in this restructuring after the 2024 salmon season. Peter Pan will continue conducting the remaining activities needed to close out 2023 operations, including sales and accounting functions. Both companies are committed to a seamless transition and minimal disruption to fishermen, communities, and employees.
The plants owned by Peter Pan in Dillingham, Port Moller, and King Cove produce high-quality sockeye salmon that is also made in the plants owned by Silver Bay in False Pass and Naknek. King Cove also produces a variety of other species. Combining Alaska operations would allow anglers to benefit from improved services and the fish to be processed closer to the point of catch, further enhancing the quality of the pack and the diversity in product forms.
Silver Bay Seafoods is an integrated processor of frozen shrimp, herring, whitefish, and squid products for domestic and export markets. It opened its doors in 2007 as a single salmon processing facility in Sitka. Since then, it has grown into one of the largest seafood companies in Alaska, operating nine domestic processing facilities throughout the state.
Peter Pan Seafood is a vertically integrated seafood company dedicated to a strong future of prosperity and sustainability. It is composed of assets and value-added sales channels for Northwest Fish Co.
“Silver Bay is adapting our operations and thoughtfully advancing our Alaska programs to ensure we continue to bring the most value to our fishermen partners and remain resilient in changing markets,” said Cora Campbell, president and CEO of SBS. “We appreciate Peter Pan’s leadership in understanding that for the Alaska seafood industry to remain competitive in a global marketplace and continue to support viable coastal economies, we must pursue synergies and efficiencies in our Alaska processing operations.”
Valdez Transaction
Peter Pan’s Valdez facility neighbors Silver Bay’s facility, giving a unique opportunity for collaboration between the two facilities. The two companies have been exploring ways to unify the operations, and what started as a possible joint venture in early 2023 has resulted in a mutually beneficial transaction involving a transfer of the facility assets and licensing for the iconic Demmings, Humpty Dumpty, and Double Q canned salmon brands.
“This acquisition of the Valdez cannery will create synergies between the two neighboring facilities and offer more product form diversity, which is a priority for Silver Bay Seafoods and our fishermen partners,” said Branson Spiers, COO of Silver Bay Seafoods. Committed to Alaska, its fleets, and the communities where they operate, Peter Pan expressed their thoughtfulness in choosing to transfer the Valdez facility assets to Silver Bay.
“Peter Pan’s decision to pursue selling the Valdez plant and combine Alaska operations with Silver Bay came from our commitment to put our fleets, employees, and communities first. When there are inefficiencies in this industry, it affects the livelihoods of our fleet, and we have a responsibility to maintain those livelihoods. We’re excited about this acquisition and what it will do for this fishery.” shared Travis Roenfanz, COO of Peter Pan Seafoods.