January 15, 2021 — Peter Pan, the seafood processing company with an array of plants in Southwest Alaska, had been struggling to keep up with competitors.
So, when its owner, Japanese seafood giant Maruha Nichiro, initially announced its sale of Peter Pan to three buyers, it said it expected a loss of almost $28 million.
The deal means the company is now vertically integrated, so all stages of production and marketing — usually operated separately — are now under one owner. It also places Peter Pan under American ownership.
One of the three buyers is Northwest Fish. Its owner, Rodger May, is the president of “New Peter Pan.” The Na’-nuk Investment Fund, managed by McKinley Capital, a private equity group, is another. The RRG Global Partners Fund is the third buyer.
McKinley Chairman Rob Gillam said the buyers see the deal as an investment in sustainably harvested Alaska seafood. But they agree that Peter Pan needs to up its marketing game.
“The best fish in the world isn’t any good if you can’t get it to people who want to buy it. So, that was really critical,” he said.