Sealaska has made its first investment as part of its 2012 strategic plan. It has purchased a minority interest in Independent Packers Corporation (IPC), a custom seafood processor located in Seattle, WA.

Sealaska embarked on a strategic plan in late 2012 to restructure operations and improve profitability. The plan focused on re-engineering businesses to increase operating cash flow from a simplified portfolio that is consistent with Sealaska’s unique shareholder base, location in the Pacific Northwest and core values. After considering many sectors, environmental water services and natural foods, with an initial focus on Seafood, had the best combination of fit with the core values and good long-term growth opportunities. The investment in IPC is Sealaska’s first investment in natural foods. “We have developed significant proprietary deal flow in the last few years,” said Sealaska Chief Operating Officer Terry Downes. “Along with a strong balance sheet we intend to invest and build depth of capability in water services and natural foods.  Our next immediate goal is a water services investment.”

Since Sealaska adopted its strategic plan in late 2012, the combination of restructuring, organic growth and planned investments will expect to add approximately US$ 17 M to their annual net operating profit.  The capital invested to achieve these financial improvements is close to the same as proceeds from the sale of poorly performing business over the last 3 years. As a result, Sealaska is a flat, simplified corporation with profitable businesses that have an increasing focus on maximizing the value of maritime resources. The regional corporation is also in the business of protecting the ocean’s resource capacity.  “As an organization whose ownership has sustainabily harvested from the ocean for over 10,000 years we are proud to be engaging in activities that so clearly reflect our heritage,” said Anthony Mallott, Sealaska President and CEO.

“Sealaska’s vision of how to build a successful Seafood business matches my own experience,” said Jeff Buske, the CEO of IPC. “I am impressed with Sealaska’s leadership and its commitment to making decisions based on its traditional values.”[xyz-ihs snippet=”Adsense-responsive”]

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