Sealaska acquires Independent Packers
Sealaska turned to environmental water services and natural foods, with an initial focus on seafood, as being the best fit with its core values and long-term growth opportunities.
Sealaska Corp., Juneau, Ak., made its first investment in natural foods by acquiring Independent Packers Corp. (IPC), a custom seafood processor located in Seattle, Wash.
Sealaska embarked on a strategic plan in late 2012 to restructure operations and improve profitability. The plan focused on re-engineering its businesses to increase operating cash flow from a simplified operating portfolio consistent with Sealaska’s core values and unique shareholder base, located in Alaska and the Pacific Northwest. After considering many sectors, it was decided that environmental water services and natural foods, with an initial focus on seafood, was the best fit with its core values and long-term growth opportunities.
“We have developed significant proprietary deal flow in the last few years,” says Terry Downes, chief operating officer of Sealaska. “We have a strong balance sheet, and we intend to continue to invest and build depth of operating capability in water services and natural foods. We are currently pursuing several water services investments and additional seafood opportunities.”
Sealaska is also committed to protecting the ocean’s capacity to produce its resources.
"As an organization whose ownership has sustainably harvested from the ocean for over 10,000 years, we are proud to be engaging in activities that so clearly reflect our heritage," adds Anthony Mallott, Sealaska president and CEO.
“Sealaska’s vision of how to build a successful seafood business matches my own experience,” says Jeff Buske, chief executive officer of IPC. “I am impressed with Sealaska’s leadership and its commitment to making decisions based on its traditional values.”