March 5, 2020. Clearwater Seafoods has engaged RBC Capital Markets to run a “strategic review”, corporate speak for a sale process. Clearwater, which harvests lobster, shrimp, crab, scallops, clams and sea cucumber, reported sales of $616 million in 2019. March 4, 2020. Clearwater Seafoods considering sale of company Clearwater Seafoods Incorporated, a Halifax, Nova Scotia, Canada-based company that reported over CAD 610 million (USD 454 million, EUR 405 million) in sales in 2019, is considering the outright sale of the company, according to a …
"Overall, access to supply and customer demand in procured species remained strong as compared to the prior year," Clearwater said.For the full-year 2019, Clearwater's sales rose 4.1% to CAD 616.2m but its adjusted EBITDA fell 9% to CAD 104.4m.However, the company added that headwinds such as the COVID-19 outbreak could weigh on its fortunes in 2020. our lobster The highest quality in live lobster, available year-round, Clearwater’s Premium Hardshell Fresh™ Lobster is fully meated, wild-caught and sustainably harvested, yielding up to 50% more meat than soft shell lobster. The news of the sale process comes after stronger harvests and supplies of clams, scallops and langoustines and the introduction of sea cucumbers lifted Clearwater fourth quarter 2019 sales and earnings.And having secured its full surf clam quota, Clearwater is set to boost its bottom line even further in 2020, the Bedford, Nova Scotia, shellfish harvester said on March 3. The company on Tuesday reported sales for the first six months of 2020 of $206.3 million. The information you requested is not available at this time, please check back again soon. With annual earnings before interest, taxes, depreciation and amortization (EBITDA) of CAD 104.4m ($77.86m), the company could command a value of 8-10 times this, so CAD 800m-CAD 1 billion, an industry source who asked not to be named told "Strategic options may include, but are not limited to, a sale of all or a material portion of Clearwater’s assets, either in one transaction or in a series of transactions, the outright sale of Clearwater, a merger or other transaction involving Clearwater and a third party, joint ventures, licensing arrangements, various financing alternatives or other significant transaction," the company said. The committee will also examine joint ventures, licensing arrangements and various financing alternatives or significant transactions.In an email, Clearwater spokeswoman Christine Penney said the board had determined it was "timely, prudent and in the best interest of the company and stakeholders to initiate the strategic review process now.

The winning bidder then partnered with Premium Seafoods Group, a Nova Scotia company, to handle the harvesting, processing and marketing of the catch.DFO suggested at the time that it wanted to break up Clearwater’s 100% monopoly of the surf clam fishery while giving more of the business to First Nation groups.However, the new quota arrangement was dissolved by Dominic LeBlanc, the outgoing minister of fisheries and oceans, in July 2018, after facing considerable controversy due to alleged conflicts of interest. Mar 5, 2020 The information you requested is not available at this time, please check back again soon. Nova Scotia-based seafood giant Clearwater Seafoods explores possible sale. Fisheries producers shifting gears to adjust to coronavirus impact on markets. The move is seen as a possible sale of one of North America’s largest vertically-integrated seafood companies which reported sales of CAD 616 million in 2019.“Strategic options may include, but are not limited to, a sale of all or a material portion of Clearwater’s assets, either in one transaction or in a series of transactions, the outright sale of Clearwater, a merger or other transaction involving Clearwater and a third party, joint ventures, licensing arrangements, various financing alternatives or other significant transaction,” it wrote.

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