Zachary Scott is pleased to announce the merger of the distribution division of Ocean Beauty Seafoods (“OBD” or the “Company”) with Pacific Seafood (“Pacific”). After advising Ocean Beauty Seafoods on its merger with Icicle Seafoods and Ocean Beauty Icicle on its recapitalization with Silver Bay Seafoods, this transaction represents another successful outcome for Bristol Bay Economic Development Corporation (“BBEDC”). Working together with BBEDC and the team at Perkins Coie, this transaction represented an optimal solution for employees and customers that benefits both businesses.

Situation

Ocean Beauty Distribution operates seven distribution centers providing overnight delivery of seafood products to customers primarily in the grocery and food service industries.

After years of joint ownership with the original owners of Ocean Beauty Seafoods, it was determined that the employees and customers of OBD would be better served by a business with greater scale to better rationalize the distribution infrastructure. Pacific was a clear logical partner to achieve the most competitive regional distribution network.

ZS Role

OBD engaged Zachary Scott to evaluate the Company’s alternatives, manage the transaction process, and negotiate the merger transaction.

Results

After extended conversations reviewing the potential value that could be found through a merger, the transaction was completed with Pacific Seafood, including most, but not all, of OBD’s distribution facilities.

Pacific Seafood is a family-owned and operated business participating in all parts of the supply chain from harvesting to processing to distribution. Pacific’s business is headquartered in Clackamas, Oregon with over 40 facilities and more than 3,000 team members.

Bristol Bay Economic Development Corporation is organized under the Alaska Community Development Program with a mission to promote economic growth opportunities for its member communities funded from investments in the seafood industry.