American Seafoods, a US fish-processing major, has decided not to pursue a sale of its business at this time due to current macro-economic conditions. The company, known for being one of the world’s largest processors of wild Alaska pollock and wild Pacific hake, stated that its valuation is not likely to be met in the current market environment.
The decision to halt the sales process comes after the company’s majority shareholder, Bregal Partners, announced last year its intention to sell its interests in the Bregal Partners I portfolio, which includes American Seafoods. As a result, American Seafoods will remain in the portfolio for the time being.
American Seafoods CEO Einar Gustafsson explained, “We have paused our sales process to focus on our business and customers. Our company’s strength remains solid, and we will revisit the discussions once the macro-economic conditions improve and our valuation aligns with our company’s performance.”
Gustafsson added, “With promising growth prospects ahead, American Seafoods looks forward to seizing opportunities in the global seafood industry, where there is a rising demand for high-quality products.”
Based in Seattle, Washington State, American Seafoods was established in 1988 and specializes in harvesting fish from the waters of Alaska and the Pacific northwest. The company processes various seafood products, including Pacific cod and yellowfin sole, with its catch resulting in 1.3 billion servings of seafood in 2023.