Bristol Bay Group Buys into Ocean Beauty

By Wesley Loy, Anchorage Daily News, Alaska

Apr. 16–Bristol Bay Economic Development Corp. will buy a 50 percent share of Seattle-based fish processor Ocean Beauty Seafoods Inc., the companies just announced.

Ocean Beauty is one of the state’s largest salmon processors.

Bristol Bay, based in Dillingham, is one of the state’s six Community Development Quota companies. Through a federal program, the CDQ companies harvest Bering Sea fish and crab set aside for the benefit of Western Alaska villages.

Terms of the deal were not disclosed.

Neither company plans major management changes, they said. Ocean Beauty will remain in its current headquarters in Seattle, and all seven of its Alaska processing plants will continue to operate as normal, the company said.

“We have found the ideal company to invest in,” said Robin Samuelsen, Bristol Bay’s chief executive. “Ocean Beauty’s management group is strong, and they bring processing expertise and training that will allow us to expand opportunities for our residents. Their commitment to shore-based processing and Alaska rural community viability is a natural fit with the mission of the BBEDC, which is to improve the economic conditions for the residents of Bristol Bay.”

Bristol Bay is a big harvester of crab, salmon, halibut and bottomfish such as pollock, and that supply of raw material dovetails nicely with Ocean Beauty’s strengths in sales and marketing, research and development, and value-added processing, said Mark Palmer, Ocean Beauty’s president.

Ocean Beauty last year announced it was selling out to larger Trident Seafoods Corp., but that deal fell through.

Ocean Beauty is a privately held company with three owners: Howard Klein of California, Ron Shaw of Massachusetts and Mike Selby of Thailand. They’ve held the company for 15 years, Palmer said.

Sealaska Corp., the regional Native corporation for Southeast Alaska, previously owned Ocean Beauty.

Daily News reporter Wesley Loy can be reached at wloy@adn.com or 257-4590.

—–

Copyright (c) 2007, Anchorage Daily News, Alaska

Distributed by McClatchy-Tribune Business News.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.