Ocean Beauty Seafoods reveals plan to sell distribution business

In an official statement, Ocean Beauty Seafoods revealed that distribution operations, with facilities located in Astoria and Portland, Oregon; Boise, Idaho; Dallas, Texas; Helena, Montana; Renton, Washington; and Salt Lake City, Utah, are currently for sale.

The company further stated that the sale aligns with the “long-term business strategy” of Bristol Bay Economic Corporation as well as the three individual investors who have held ownership since the mid-1990s. They report that they are diversifying into alternative investments.

“The owners feel that this is a good time to explore selling the distribution operation due to its strong performance in recent years,” Ocean Beauty Distribution President and COO Mike Coulston said.

Earlier this year, Coulston transitioned to his current position after several promotions within the company’s distribution group. He attributed the unit’s positive performance to the exceptional efforts of the Ocean Beauty distribution team.

“The new owners will be able to take advantage of the great management team that is already in place,” Coulston said.

Neither the asking price nor the estimated value of the distribution operations has been disclosed at this time.

Ocean Beauty Seafoods confirmed that the sale would not impact OBI Seafoods, an entity co-owned by Cooke’s Icicle Seafood (50%) and Ocean Beauty Seafoods (50%). Formed in 2020 through the merger of Ocean Beauty Seafoods’ Alaska operations and Icicle Seafoods, OBI has functioned as a “completely separate company” with its own financing and board of directors.