Clearwater Seafoods and Quin-Sea Fisheries form JV
Thursday, January 16, 2020, 14:00 (GMT + 9)
Clearwater Seafoods and Quin-Sea Fisheries have entered into an agreement to form a new joint venture which will take over operations of the St. Anthony Seafoods Limited Partnership plant in St. Anthony , NL.
The St. Anthony plant is ideally located on the Great Northern Peninsula with a highly experienced workforce and proximity to the resource. This transaction brings together the operational expertise and market reach of two leading companies, better matching plant capacity to the available resource in a new joint venture company. This transaction puts a focus on utilization of the St. Anthony facility at a time when the northern shrimp fishery has declined significantly and raw material supply to the plant has been reduced in recent years.
Ian Smith , CEO of Clearwater Seafoods said, "We are pleased to bring a new partner into the St. Anthony plant who is an experienced Newfoundland operator that understands the importance of local commitment and local investment. The transaction will strengthen processing volume and look to diversify species processed at the St. Anthony plant, ensuring the continued viability of the operation and employment in an important coastal community in Newfoundland and Labrador."
Closing of the transaction is subject to regulatory approval and customary conditions and is scheduled for March 31, 2020.
Quin-Sea Fisheries will assume management responsibility for the plant on behalf of the new joint venture. Clearwater and Quin-Sea will work together with local stakeholders to ensure a smooth operational transition in advance of the 2020 season. The new Joint Venture will enhance the economic viability of the St. Anthony operation and benefit the local community.
Simon Jarding , Managing Director of Quin-Sea Fisheries said, "Quin-Sea has invested to grow its operations in Conche benefiting the communities of the Northern Peninsula. Like Conche, St. Anthony has a prime location and a highly experienced workforce, ideal for both current production of shrimp and crab but also for the production of groundfish in the years to come. Our partnership with Clearwater will ensure a stable and long term operation for the benefit of the partners, the employees, and the communities of the Northern Peninsula.