Clearwater Seafoods

Last updated
Clearwater Seafoods
Industry Seafood
Founded1976;46 years ago (1976)
Founders John Risley and Colin MacDonald
Headquarters,
Canada
Owner Premium Brands Holdings Corporation and FNC Holdings Limited Partnership
Website www.clearwater.ca/en/

Clearwater Seafoods is a seafood company based in Bedford, Nova Scotia, Canada. [1] It is the largest shellfish producer in North America. [2]

The company was founded in 1976 by John Risley and Colin MacDonald. [1] 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. [1] As of 2019 its global sales were Can$612 million. [1] However, its sales were significantly impacted by the 2020 COVID-19 pandemic, particularly the cessation of live lobster sales in China. [2]

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". [7] Reports on this sale have commented that it may exacerbate the 2020 Mi'kmaq lobster dispute. [8] [7]

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