September 20, 2019 — Alaska’s Bristol Bay Native Corp. is set to take over a large chunk of the state’s freezer longline Pacific cod quota with the pending purchase of a newly merged Clipper Seafoods and Blue North Fisheries.
Last week, the Department of Justice approved the merger, and the corporation is expected finalize on Sept. 30 the purchase of a majority share of the new company.
“It’s exciting for us. When the opportunity presented itself about a year ago, we had already been looking for seafood investments for a couple of years. Having an opportunity to acquire these businesses and what they represent is a big deal for BBNC,” said Jason Metrokin, the president and CEO of Bristol Bay Native Corp.
The DOJ reviewed the merger to ensure it would not create a monopoly in Alaska’s freezer-longline Pacific cod fishery. The two processors control 37.4 percent of the total allowable catch in the fishery, with Clipper managing 20 percent of the harvest, and Blue North handling 17.4 percent.