Silver Bay Seafoods has reached a deal to acquire OBI Seafoods, expanding its processing capacity in the U.S. state of Alaska.
Silver Bay is acquiring Icicle Seafoods’ stake in OBI and will partner with the Bristol Bay Economic Development Corporation (BBEDC) in a move the company said will “increase stability for Alaskan fishermen and communities reliant on seafood processing operations.”
The purchase includes OBI’s Alaska-based processing facilities in Petersburg, Seward, Larsen Bay, Egegik, Wood River, Cordova, Kodiak, and Naknek, along with the Kent Warehouse and Labeling facility in the U.S. state of Washington.
OBI Seafoods was 50-percent owned by Ocean Beauty Seafoods and 50-percent owned by Icicle Seafood – which is itself a subsidiary of Cooke. OBI was created in 2020 by a merger between Ocean Beauty and Icicle Seafood, creating a joint ownership model between Icicle Seafoods and BBEDC, which owned Ocean Beauty Seafoods.
“With the many challenges facing Alaska’s seafood industry, BBEDC recognizes the importance of strategic partnerships to support Alaska’s regional fishing economies,” BBEDC CEO Michael Link said in a press release. “We are pleased to partner with another strong Alaskan company to achieve the efficiencies this industry needs to remain competitive in a global economy.”
Silver Bay and BBEDC said the purchase will create a platform for more efficient operations to benefit stakeholders in the Alaska salmon industry.
"Silver Bay Seafoods is excited to expand our coastal Alaska partnerships to create more stability in the seafood sector,” Silver Bay Seafoods CEO Cora Campbell said. "This investment in OBI will allow us to serve more fishermen and communities. We plan to bring our fishermen focus, commitment to innovation, and operational excellence to this partnership to maximize the competitiveness of the Alaska seafood industry.”
Cooke told SeafoodSource during Seafood Expo North America (SENA) it had no comment on the sale.
The move means Cooke no longer has any assets or operations in Alaska; however, it apparently plans to still source seafood from companies in the state, as it advertised Alaskan-sourced products at SENA and its current seafood catalogue still showcases a number of Alaskan species like sockeye salmon.
Silver Bay’s latest purchase continues its streak of acquisitions in the Alaskan seafood industry, which faced a down year in its salmon fishery in 2024 and an uncertain future. The string of tough seasons led Trident Seafoods to sell off its Alaskan operations and also resulted in Peter Pan Seafoods undergoing bankruptcy.
Silver Bay has capitalized on the situation by beefing up its processing operations. The company acquired Peter Pan Seafoods’ Valdez, Alaska operations and later on acquired two more facilities from Rodger May – who won Peter Pan Seafoods’ facilities at auction after its bankruptcy. The company also acquired all of Peter Pan’s seafood assets, which included nearly 750,000 cases of canned salmon.
Silver Bay also purchased Trident’s False Pass facilities in June 2024, and its Ketchikan processing plant in March 2024.
Silver Bay had also acquired Orca Bay Foods in 2023, purchasing the Renton, Washington-based food-processing company from Phil Crean.
