The transaction includes Silver Bay obtaining licensing for the Demmings, Humpty Dumpty, and Double Q canned salmon brands.
Silver Bay Seafoods
Silver Bay Seafoods has finally acquired Peter Pan's Valdez plant and will operate its facilities in Port Moller and Dillingham for the 2024 salmon season. First conversations about this acquisition between both companies began in early 2023.
In a joint statement, the companies have confirmed that Peter Pan will finalize 2023 operations, including sales and accounting functions. The same salmon produced in Port Moller and Dillingham is produced in King Cove.
Furthermore, this transaction includes Silver Bay obtaining licensing for the Demmings, Humpty Dumpty and Double Q canned salmon brands.
"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," Cora Campbell, President and CEO of Silver Bay Seafoods expressed.
The Peter Pan Valdez facility is the only plant in the area that makes fresh, frozen, and canned salmon. Through this operation, Silver Bay Seafoods will expand its product offerings and market reach in Valdez.
Regarding the fishermen, communities, and employees stability, COO Peter Pan Seafoods Travis Roenfanz, noted: "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."
Finally, Branson Spiers, COO Silver Bay Seafoods, added: "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."
In March, Silver Bay acquired Trident Seafoods' Ketchikan processing facility, one of four plants the latter had for sale in Alaska. This sale is expected to be finalized in April 2024.