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MASSACHUSETTS: New Bedford seafood giant Cooke buys insolvent U.S. fish processor, expands global reach

October 29, 2020 — A division of New Brunswick seafood giant Cooke Inc. has acquired Mariner Seafood LLC of New Bedford, Mass., expanding the family-owned company’s operations in the United States.

True North Seafood, the flagship brand and processing arm of Cooke, purchased Mariner Seafood for US$2.75 million after the U.S. company filed for bankruptcy protection last month. The sale was approved by a Massachusetts court Monday.

The sale includes two processing plants in the port of New Bedford capable of processing more than 8,000 tonnes a year of seafood product, including scallops, haddock, cod, salmon and shrimp.

Glenn Cooke, CEO of Cooke, said it has been a dream of the family seafood company to have a presence in the historic, high-value fishing port.

“We now have over 4,000 Cooke employees in 22 U.S. states and we will continue to invest and grow our New Bedford processing operations,” he said in a statement.

Cooke, which started in rural New Brunswick in 1985 with three employees, now has a global workforce of more than 10,000 employees in 10 countries. It claims to be the largest privately held family seafood company in the world.

Read the full story at the Preeceville Progress

True North completes acquisition of Mariner Seafood assets

October 27, 2020 — True North Seafood, the processing division and flagship brand of Blacks Harbour, New Brunswick, Canada-based Cooke Inc., has acquired the business of Mariner Seafood, a seafood processor headquartered in New Bedford, Massachusetts, U.S.A.

Cooke CEO Glenn Cooke confirmed the acquisition in a press release.

Read the full story at Seafood Source

New Bedford’s Mariner Seafood files Chapter 11, True North aims for stalking horse bid

September 14, 2020 — New Bedford, Massachusetts, U.S.A.-based Mariner Seafood filed for Chapter 11 bankruptcy protection on Monday, 14 September, with Cooke Aquaculture’s True North Seafood lined up as the stalking horse bidder for its assets.

Court documents filed by Mariner Seafood acknowledge the company defaulted on its revolving USD 10 million (EUR 8.4 million) loan from Wells Fargo, and that the company had been exploring options such as selling assets or facilitating an equity investment to improve its cashflow and repay its debt.

Read the full story at Seafood Source

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