Silver Bay Seafoods is acquiring Alaska-based seafood processing facilities in Dillingham and Port Moller, along with fishery support sites in Dillingham and North Naknek – formerly owned by Peter Pan Seafoods – from Rodger May.
May submitted a USD 37.3 million (EUR 34.5 million) winning bid for the facilities – along with other assets of Peter Pan Seafoods – in late September after the company entered receivership in April 2024. At the time, Silver Bay competed directly with May to purchase the assets. Following May’s winning bid, creditors to whom Peter Pan Seafoods owed money argued in court that the receiver should have sold the facilities to Silver Bay.
The dispute over ownership resulted in a series of court battles over who should take control of the properties in October. In the background of the court battles, a letter from 92 fishers local to the Port Moller area called on May to withdraw his bid for the facility or lose their business in the future.
Following May's court wins, commercial fisherman Patrick Springer – who authored the letter – told SeafoodSource that he hoped the facilities would wind up in Silver Bay’s hands.
“I sincerely hope Rodger is just trying to get back some of the millions he has lost with the company and will sell the Port Moller plant to Silver Bay so we can move forward,” Springer said.
Now, May has agreed to transfer control of the Dillingham and Port Moller facilities to Silver Bay Seafoods effective immediately, while later finalizing the transfer of ownership, in order to “ensure a seamless transition for fishermen, communities, and employees.” Silver Bay has already been operating the two facilities after reaching an agreement with Peter Pan in April, 2024.
“Silver Bay successfully operated these facilities in 2024, and we enjoyed the new relationships with fishermen and communities that came with this opportunity,” Silver Bay Seafoods President and CEO Cora Campbell said. “By permanently adding these facilities into the Silver Bay Seafoods network, we not only stabilize processing in these communities, we also create synergies, efficiencies, and product form diversity that benefit our fishermen.”
Campbell thanked May for the sale, and said it helps prioritize certainty for fishermen and communities in the area.
“As part of this acquisition, Silver Bay has committed to participating in the working group formed by Rodger May to address the future of the former Peter Pan Seafoods facility in King Cove,” Silver Bay Seafoods said.
Alongside the acquisition of the Dillingham and Port Moller facilities, Silver Bay Seafoods also announced a new partnership with the Aleutian Pribilof Island Community Development Association (APICDA) that will see the latter group assume ownership of the False Pass, Alaska processing facility formerly owned by Trident.
Silver Bay Seafoods acquired the False Pass facilities in June 2024, after Trident launched a corporate reorganization process which saw it divest itself from six of its facilities in Alaska. Now, Silver Bay said it is giving APICDA ownership of the facility while leasing and managing the operations of the facility and fuel company to support processing stability in the region.
“The timing of the False Pass acquisition early this summer allowed us to immediately provide critical fuel and services and maximized opportunity for our fishermen partners ahead of the 2024 season while we worked with APICDA and other local stakeholders on a long-term, mutually beneficial plan,” Campbell.
The False Pass facility was originally built and operated by APICDA as Bering Pacific Seafoods before it sold it to Trident Seafoods, who eventually sold it to Silver Bay. Silver Bay Seafoods said it and APICDA had worked together in the past and worked closely together on operating the Port Moller plant.
“With the changes we are seeing in the seafood industry, our board recognizes the importance of expanding strategic partnerships to support the regional fishing economy and achieve common goals for the long-term benefit of our member communities,” APICDA CEO Luke Fanning said. “Our priority here is ensuring our communities can keep fishing.”
