Looks like we're about to see more processor consolidation at Bristol Bay, home of the state's most valuable sockeye salmon fishery.
Snopac Products Inc. today sent the following email to its fishermen announcing the company's pending sale to Icicle Seafoods Inc.
From: Jenna Hall
Date: Tue, Feb 28, 2012 at 1:03 PM
Subject: Snopac Update
Dear Snopac Fishers,
It has been a busy winter for us here at Snopac and we are writing to bring you up to speed on some significant developments to our 2012 plans and fishing operations.
Tomorrow, a press release is going to be issued by Icicle Seafoods regarding their intention to buy Snopac (we have attached a copy to this email for you to read prior to its release). We have signed a Letter of Intent with Icicle, and are now in the midst of a customary "due diligence" process that will take several weeks. Hopefully the sale will close as both parties intend, however until that happens, it is not final.
Should the sale finalize, we will do everything we can to ensure a smooth transition for our fishers and tenders. There will be many operational details to be sorted out and both Icicle and Snopac intend to do so with the most positive impact for our fleet.
Should the sale not finalize prior to the season, we have made arrangements with Icicle to jointly operate in Bristol Bay in 2012 by consolidating resources and expanding services, which will benefit both our operation and our fleet. Icicle is a very competitive market who boasts short tender lines, great offload capacity and high limits. Working with them will give our fleet access to these benefits.
Either way, you can be assured that you have a competitive market in 2012. In addition, Snopac will be announcing a 2011 retro shortly and we will also be coming out with pre-season logistics as far as northbound freight and other timely issues.
Ben and I will be making telephone calls to each of you to personally address any questions or concerns, but feel free to call Greg, Jenna or Ben at anytime.
Thank you for your fish and your continued support.
All the best,
Jenna
Jenna Blakey Hall
Snopac Products Inc.
Seattle
Showing posts with label sale. Show all posts
Showing posts with label sale. Show all posts
More from Leader Creek
Here's a note Leader Creek Fisheries founder John Lowrance e-mailed yesterday to the company's Bristol Bay fishermen:
Dear Fishers,
Thank you for your support. As always, we would not be here without you. In recent years, large fish runs and increasing commodity prices for our products have given us all a pretty fine ride. Last year, you received $1.10 for well-handled reds, and this year you will receive a very nice increase over that. All these good things are the result of your continuous efforts to deliver better quality fish year after year, in combination with our commitment to keep pushing forward with quality initiatives, value-added products, and a first class production facility.
Leader Creek made a commitment to an all-refrigerated fleet, sockeye fillets, and a profit sharing relationship during the dark days following the $.40/pound 2001 season. It was a plan borne out of desperation. Prices for H&G in Japan had fallen to a level that would not support the processing/fishing industry as a whole. Fishers joined Leader Creek hoping that through hard work, a commitment to quality, the production of fillets, and the development of new markets in the United Sates, we could lift ourselves back into economic plenty. What you are doing on the water in terms of floating, bleeding, and sliding fish was unthinkable ten years ago. A plant producing 70% fillets was considered impossible. The idea of profit sharing with the fleet more often than not garnered the reaction: "are you crazy Lowrance" or my favorite, "he's ruining Bristol Bay". As you are all aware, the plan borne of desperation has worked out rather well for all of us, and in the process, we have changed Bristol Bay.
There is a price for all things, and you don't get to play the role I have without some cost. Our success has brought with it a huge financial and emotional commitment to running Leader Creek. More and more, I find it overwhelming.
I have decided to sell our stake in LCF in order to unload that financial commitment and risk. From amongst many potential buyers, we are lucky to have attracted the interest of the Canadian Fishing Company (Canfisco) and the Jim Pattison Group (you can read more about them in the attached press release).
Canfisco has no desire to merge or blend or combine Leader Creek with any other entity. They want us as we are: an independent, well-run, profitable enterprise. There are no plans to change anything beyond our normal organic growth. The profit sharing relationship and deal will remain the same. I will be running the company through 2011, and if I like it, I will stay into the future.
My commitment to you is that the company you have dealt with in the past is the company you will see when you arrive in Bristol Bay in 2011. The deals will remain the same, and just like every other year, you will get pushed to produce even better quality fish.
Thank you again for all your cooperation and help over the years. This friendly, dynamic, symbiotic relationship we have is really the best part of it all. I am grateful to every one of you.
Sincerely, from a lucky guy (and gal)
John and Adele
P.S. The unsung heroes in all this are the 430 LCF employees, some of whom have been with us since the beginning. Without their continuous efforts, we would not have carried the ball this far. I am grateful to them as well.
Dear Fishers,
Thank you for your support. As always, we would not be here without you. In recent years, large fish runs and increasing commodity prices for our products have given us all a pretty fine ride. Last year, you received $1.10 for well-handled reds, and this year you will receive a very nice increase over that. All these good things are the result of your continuous efforts to deliver better quality fish year after year, in combination with our commitment to keep pushing forward with quality initiatives, value-added products, and a first class production facility.
Leader Creek made a commitment to an all-refrigerated fleet, sockeye fillets, and a profit sharing relationship during the dark days following the $.40/pound 2001 season. It was a plan borne out of desperation. Prices for H&G in Japan had fallen to a level that would not support the processing/fishing industry as a whole. Fishers joined Leader Creek hoping that through hard work, a commitment to quality, the production of fillets, and the development of new markets in the United Sates, we could lift ourselves back into economic plenty. What you are doing on the water in terms of floating, bleeding, and sliding fish was unthinkable ten years ago. A plant producing 70% fillets was considered impossible. The idea of profit sharing with the fleet more often than not garnered the reaction: "are you crazy Lowrance" or my favorite, "he's ruining Bristol Bay". As you are all aware, the plan borne of desperation has worked out rather well for all of us, and in the process, we have changed Bristol Bay.
There is a price for all things, and you don't get to play the role I have without some cost. Our success has brought with it a huge financial and emotional commitment to running Leader Creek. More and more, I find it overwhelming.
I have decided to sell our stake in LCF in order to unload that financial commitment and risk. From amongst many potential buyers, we are lucky to have attracted the interest of the Canadian Fishing Company (Canfisco) and the Jim Pattison Group (you can read more about them in the attached press release).
Canfisco has no desire to merge or blend or combine Leader Creek with any other entity. They want us as we are: an independent, well-run, profitable enterprise. There are no plans to change anything beyond our normal organic growth. The profit sharing relationship and deal will remain the same. I will be running the company through 2011, and if I like it, I will stay into the future.
My commitment to you is that the company you have dealt with in the past is the company you will see when you arrive in Bristol Bay in 2011. The deals will remain the same, and just like every other year, you will get pushed to produce even better quality fish.
Thank you again for all your cooperation and help over the years. This friendly, dynamic, symbiotic relationship we have is really the best part of it all. I am grateful to every one of you.
Sincerely, from a lucky guy (and gal)
John and Adele
P.S. The unsung heroes in all this are the 430 LCF employees, some of whom have been with us since the beginning. Without their continuous efforts, we would not have carried the ball this far. I am grateful to them as well.
Canfisco buys Bristol Bay processor Leader Creek
Here's the press release:
Dec. 1, 2010
Canadian Fishing Company (Canfisco) Buys Leader Creek Fisheries
Canadian Fishing Company (Canfisco), a privately owned seafood company of Vancouver, Canada is purchasing Seattle-based Leader Creek Fisheries, Alaska's leading producer of wild sockeye salmon fillets.
Canfisco has agreed to purchase Leader Creek Fisheries for an undisclosed price. The deal is subject to the successful completion of due diligence before closing in December.
Leader Creek Fisheries' founder, John Lowrance, started the company in 1999 and pioneered the production of fillets using Bristol Bay sockeye salmon. The Leader Creek Fisheries fleet employs special onboard techniques to produce premium quality salmon to ensure the company's reputation as Bristol Bay's top producer of sockeye salmon fillets. Lowrance will continue to lead the company and ensure a successful transition of ownership.
Dan Nomura, President of Canadian Fishing Company, said "We are excited to become the proud owner of Leader Creek Fisheries. Leader Creek is a successful company and we intend to continue operating the business in the same manner that has resulted in the company's accomplishments. We will build on the company's history of continued growth and success."
Canadian Fishing Company also owns Seattle-based Alaska General Seafoods, a salmon and herring processor with plants in Naknek and Ketchikan.
Canadian Fishing Company, the largest Canadian producer of Pacific salmon and herring, is a vertically integrated seafood company headquartered in Vancouver, British Columbia and is owned by the Jim Pattison Group of Vancouver, Canada, a privately held and diversified corporation with investments in a number of businesses.
Dec. 1, 2010
Canadian Fishing Company (Canfisco) Buys Leader Creek Fisheries
Canadian Fishing Company (Canfisco), a privately owned seafood company of Vancouver, Canada is purchasing Seattle-based Leader Creek Fisheries, Alaska's leading producer of wild sockeye salmon fillets.
Canfisco has agreed to purchase Leader Creek Fisheries for an undisclosed price. The deal is subject to the successful completion of due diligence before closing in December.
Leader Creek Fisheries' founder, John Lowrance, started the company in 1999 and pioneered the production of fillets using Bristol Bay sockeye salmon. The Leader Creek Fisheries fleet employs special onboard techniques to produce premium quality salmon to ensure the company's reputation as Bristol Bay's top producer of sockeye salmon fillets. Lowrance will continue to lead the company and ensure a successful transition of ownership.
Dan Nomura, President of Canadian Fishing Company, said "We are excited to become the proud owner of Leader Creek Fisheries. Leader Creek is a successful company and we intend to continue operating the business in the same manner that has resulted in the company's accomplishments. We will build on the company's history of continued growth and success."
Canadian Fishing Company also owns Seattle-based Alaska General Seafoods, a salmon and herring processor with plants in Naknek and Ketchikan.
Canadian Fishing Company, the largest Canadian producer of Pacific salmon and herring, is a vertically integrated seafood company headquartered in Vancouver, British Columbia and is owned by the Jim Pattison Group of Vancouver, Canada, a privately held and diversified corporation with investments in a number of businesses.
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