During a webinar, advisors said Spanish fishing firm Iberconsa was unlikely to attract Asian buyers because of its scale and operational complexity; instead, private equity interest is stronger, and the firm would need EBITDA above €100 million to draw serious strategic investors
Advisors said pandemic‑related disruptions are pushing salmon farmers to acquire downstream processing and distribution assets to ensure market access, citing Mowi’s vertical integration and noting that Chilean producers facing high freight costs will need to consolidate and integrate with North‑American processors
Ignacio Kleiman asked which company would become the next Cooke, noting that Cooke’s stability comes from diversification across species, currencies and regions, and urging the seafood industry to build more diversified, vertically integrated players to mitigate volatility
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Conarpesa owner Fernando Alvarez confirmed that Argentina’s largest shrimp company—operating 22 vessels and four processing plants and generating roughly US$165 million in sales—is seeking a buyer to secure future investment as it expands its fleet and recovers from pandemic‑related disruptions
RBC Capital Markets and Antarctica Advisors were hired to attract international bidders for Clearwater Seafoods’ sale after Mitsubishi and China’s Legend ruled themselves out; valuations between C$880 million and C$1.2 billion face Canadian ownership restrictions requiring 51 % domestic control, with potential suitors including Royal Greenland and Maruha Nichiro
February 4, 2020 – Antarctica Advisors LLC, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to Clear Springs Foods Inc. (“Clear Springs”), the leading grower and processor of rainbow trout in the US, in its sale to Riverence Holdings LLC (“Riverence”), a neighboring producer of steelhead trout.
Based in Idaho’s pristine Magic Valley, Clear Springs was established in 1966 and since 2000 has been employee-owned through an Employee Stock Ownership Plan (“ESOP”). The merger of Clear Springs and Riverence creates the largest producer of trout in the Americas with unrivaled expertise ranging from brood stock, farm operations through processing and national distribution. The scale of the new company will broaden the market for sustainably produced Idaho-raised trout and allow it to offer customers a wider range of quality products, including both rainbow and steelhead trout in fresh, frozen and value-added forms.
Riverence Holdings, a sustainable trout producer backed by TV producer David E. Kelley, acquired larger rival Clear Springs Foods to create the largest US trout farmer with 14 farms, 15,000‑metric‑ton capacity, processing facilities, brood stations and a feed mill, while Clear Springs’ employee‑owners benefit from the sale
The company, backed by a Hollywood TV mogul, now has its sights on re-inventing the US trout market.
Idaho-based Riverence Holdings on Saturday announced it acquired rival trout giant Clear Springs Foods, making the group the largest producer of land-based trout in the Americas.
With the Clear Springs deal, the company’s operations now include Riverence Brood in Washington State and Riverence Farms, and gives it an even stronger position as a vertically-integrated producer.
Transaction SummaryAntarctica Advisors, the leading Seafood Industry-focused investment banking firm, acted as the exclusive financial advisor to Clear Springs Foods, Inc. in its 100% sale to Riverence Holding LLC. The combined group is the largest producer of trout in the U.S., becoming one of the largest aquaculture companies in the country.
Antarctica’s specialized Seafood Team worked with the Board and Management in finding the best strategy for the Company, advised in the Company’s refinancing prior to the sale, and led a closed competitive sales process geared towards maximizing value for the Company’s employee-owners.
