Clearwater Seafoods, a Canadian Indigenous-owned seafood company based in Nova Scotia, has reported a record-breaking year in 2022.
The company, which is recognized globally for its superior quality, diversity of species, and reliable worldwide delivery of premium seafood, saw an increase in sales of $71 million compared to the previous year, the highest in its history. Clearwater's earnings before taxes, interest, and amortization were also reported to be the highest ever at $130 million on sales of $604 million.
Clearwater Seafoods was founded in 1976 as a small lobster retailer in Nova Scotia. Over the past 40 years, Clearwater has grown to become one of North America's largest vertically-integrated seafood companies. The company's commitment to sustainable seafood practices and investments in people, science, and technology has allowed it to remain a leader in today's global seafood market.
In 2021, Clearwater Seafoods was acquired by a partnership between Premium Brands and the Mi'kmaq Coalition. The Mi'kmaq coalition, comprises of seven Indigenous Canadian Mi'kmaq communities across Nova Scotia and Newfoundland. The acquisition was the largest investment in the seafood industry by any Indigenous group in Canada, and transformed the First Nations group into a leading global position within the seafood industry with the largest holdings of shellfish licenses and quotas in Canadian fisheries.
The coalition's acquisition, led by Membertou First Nation and Miawpukek First Nation has made it the single largest investment of $250 million in the seafood industry by any Indigenous group in Canada.
Chief Terry Paul of Membertou First Nation, who helped to lead the purchase said he was pleased and somewhat surprised by the company's performance at the Boston Seafood Show earlier this week.
Speaking to the Canadian Broadcasting Corporation, Chief Paul said: "I didn't think it would go as well as it has. The company has done very well on its bottom line and, you know, we look like geniuses."
The company's Arctic surf clam monopoly, which it will continue to hold, has been a contributing factor to its success. Clearwater also weathered the storm of international and domestic price drops for snow crab and lobster by diversifying its offerings. The company's core shellfish species, which include scallops, Arctic surf clams, and shrimp, experienced strong pricing and global demand.
Chief Paul said that his main concern now for the company was continuing in it's diversification and paying down it's debt.
"Paying down the debt is our main concern and we're doing well in that area and I just wanted to continue doing that and look at the profits and the distribution of those at a later time," he said.
