Silver Bay Seafoods will acquire processing plants in Dillingham and Port Moller, along with fishery support sites in Dillingham and North Naknek.
Silver Bay announced the acquisition from Rodger May, the former co-owner of Peter Pan Seafoods, in a press release Wednesday. The Dillingham and Port Moller plants are Silver Bay’s fourth and fifth plant acquisitions this year. It also took over Peter Pan’s plant in Valdez last spring, and Trident Seafoods plants in Ketchikan and False Pass.
Silver Bay said for the latest deal, both parties agreed to immediately transfer control of the facilities while the actual transfer of ownership is finalized. Silver Bay says this will “ensure a seamless transition for fisherman, communities, and employees.”
In past years, the former Peter Pan Seafoods processing facility in Dillingham employed roughly 320. Its affiliated fishing fleet included 180 drift fishing boats and 110 set netting boats. The Port Moller plant employed 140 people during its peak, and supported a fleet of 105 drift gill netters and 30 set netters.
Peter Pan’s assets went to auction after financial trouble earlier this year. May won these facilities, among others, at auction in September.
May narrowly outbid Silver Bay Seafoods in a bidding war over the facilities. Local fishermen and investors disputed the outcome, but a judge eventually upheld the results in early October.
The particulars of the deal aren't public and little is known on what caused the reacquisition of Peter Pan’s assets following Rodger May’s successful bid. Reached by email Thursday morning, May said he wasn't ready to comment yet. Silver Bay also declined to comment for this story.
But Cora Campbell, president and CEO of Silver Bay Seafoods, made a statement thanking May for “prioritizing certainty for fishermen and communities in making this transition.”
Silver Bay operated the facilities in Dillingham and Port Moller during the 2024 fishing season. Campbell said the season was successful, which lends itself to a smooth transition.
“By permanently adding these facilities into the Silver Bay Seafoods network, we not only stabilize processing in these communities, we also create synergies, efficiencies and product form diversity that benefit our fishermen,” said Campbell.
The fate of the former Peter Pan facility in King Cove, which has been closed since before the 2024 fishing season, is still uncertain. However, according to the press release, Silver Bay agreed to participate in a working group May established to address its future.