| Clearwater Seafoods | |
| Industry: | Seafood |
| Successors: | --> |
| Founders: | John Risley and Colin MacDonald |
| Hq Location City: | Bedford, Nova Scotia |
| Hq Location Country: | Canada |
| Areas Served: | --> |
| Owner: | Premium Brands Holdings Corporation and FNC Holdings Limited Partnership |
Clearwater Seafoods is a seafood company based in Bedford, Nova Scotia, Canada. It is the largest shellfish producer in North America.[1]
The company was founded in 1976 by John Risley and Colin MacDonald.[2] The pair sold lobster out of a truck, and gradually expanded the business from there, reaching global revenues of Can$500 million in 2015.[3] [4]
Clearwater Seafoods is a vertically integrated producer, meaning it is involved in all stages of the process from harvest to distribution.[3] The company fishes and processes products that include sea cucumber, crab, lobster, scallops, and clam, distributed in 59 countries.[2] its global sales were Can$612 million.[2] However, its sales were significantly impacted by the 2020 COVID-19 pandemic, particularly the cessation of live lobster sales in China.[1]
In November 2020, it was announced that Clearwater Seafoods was acquired as a joint venture partnership between Premium Brands Holdings Corporation and a group of Mi’kmaq First Nations (under the name FNC Holdings Limited Partnership) for Can$1 billion.[5] [6] As part of this deal, the Mi'kmaq acquired all of the company's fishing licenses.[5] Membertou First Nation Chief Terry Paul referred to the deal as a "generational acquisition" which "will have lasting positive impacts on the economics of our Mi'kmaq communities". Reports on this sale have commented that it may exacerbate the 2020 Mi'kmaq lobster dispute.[7] [8]