Clearwater Seafoods is an Indigenous-owned Canadian seafood company known worldwide for its species diversity superior quality and reliability of supply. The Nova Scotia-based company posted a record year in 2022, reaching $604 million in sales. This marks a $71 million increase in sales compared to the previous year, the highest in its history.
Since the company was founded in 1976 as a small lobster retailer in Nova Scotia there have been many changes. In the past 40 years, Clearwater Seafoods has grown to become one of North America's largest companies. Furthermore, the company's commitment to environmentally friendly practices and investments in people, science, and technology have enabled its global leadership.
In 2021, Clearwater Seafoods was acquired by a partnership between Premium Brands and the Mi'kmaq Coalition. Thus, the Mi'kmaq Coalition is formed by seven Mi'kmaq Canadian indigenous communities in Nova Scotia and Newfoundland. Their acquisition was a landmark, being the largest investment in the seafood industry by an indigenous group in Canada borrowed $250 million to finance its participation in the company.
This was the beginning of success. The coalition transformed the First Nations group into a leadership position, with the largest seafood license and quota holdings in the Canadian fishery.
Chief Terry Paul of Membertou First Nation was pleased and somewhat surprised by the company's results. In addition, he said for the Canadian Broadcasting Corporation that his main concern now was to continue their diversification and pay off their debt.
Two of the key factors have been its Arctic surf clam monopoly and its product management and diversification. On the one hand, the company's monopoly on Arctic surf clam, which will continue, has helped the company's growth. On the other hand, Clearwater has been able to ride out international and domestic price declines in snow crab and lobster by diversifying its products.
Clearwater Seafoods was founded in 1976 as a small local lobster retailer in Nova Scotia. It is now one of North America's largest vertically integrated seafood companies and enjoys worldwide recognition. Thus, its superior quality, sustainable food, species diversity and reliable supply around the world make the difference.
