Peter Pan Seafood

Hilco Corporate Finance Announces Sale of Peter Pan Seafood Company, LLC

With operations dating back to 1898, Peter Pan Seafood (PPSF or the Company) is a nationally recognized, vertically-integrated seafood company. Specializing in the processing, marketing, and distribution of a wide range of fresh, frozen, canned, and cured seafood products, the Company operates from four strategically located facilities in Alaska. In 2023, these facilities processed approximately 65 million pounds of salmon and 85 million pounds of non-salmon species.

PPSF faced a series of challenges, from macroeconomic shifts that caused significant disruptions in the Alaskan seafood industry to operational issues that negatively impacted performance and liquidity. In January 2024, the Company retained Hilco Corporate Finance (HCF) as its exclusive advisor to explore strategic alternatives for the business. In April 2024, PPSF was placed into a receivership by its secured lenders to pursue an orderly wind-down and sale of its assets.

In April 2024, PPSF announced the successful sale of its Valdez processing facility to Silver Bay Seafoods.

In July 2024, PPSF announced the successful sale of a significant USDA canned seafood contract and the associated inventory to Silver Bay Seafoods.

In October 2024, PPSF announced the successful sale of its remaining processing facilities and other assets to Rodger May, a co-owner of the Company leading up to the receivership.

Silver Bay Seafoods is an integrated processor of frozen salmon, herring, whitefish, and squid products for domestic and export markets. It began in 2007 as a single salmon processing facility in Sitka, Alaska and has grown to one of the largest seafood companies in Alaska, operating nine domestic processing facilities throughout Alaska and the West Coast. Silver Bay is owned by 600 fishermen who supply the company’s state-of-the-art processing plants with wild-caught, sustainably harvested seafood that is sold to customers worldwide.

HCF, a boutique investment banking advisor affiliated with Hilco Global, provides unmatched creativity and relentless support to its clients. HCF’s seasoned team of professionals specializes in comprehensive advisory services to private and public companies, private equity groups, family offices, and entrepreneurs. Hilco Global is a diversified financial service company with 20+ highly specialized business units and 800+ professionals across five continents globally.

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