Name: Clearwater Seafoods Incorporated
Location: Halifax, Nova Scotia
Industry: Resources – Fisheries
Years in Business: 37
Main Product/Service: Scallops, lobsters and shellfish
Key Foreign Markets: U.S., Asia, Middle East, Europe
EDC Services Used: Accounts Receivable Insurance, Performance Security Guarantee
When Halifax-based Clearwater Seafoods first charted its course for business back in 1976, it quickly recognized the value in exporting their high-quality shellfish to foreign markets. But as an entrepreneurial company starting out with two partners and a pickup truck, Clearwater needed guidance and support to reel in foreign customers and help their business grow.
How EDC Helped
“EDC helped us grow and build our reputation internationally. We have used EDC since the late 1970s for accounts receivable insurance in our foreign markets,” says Chairman and CEO, Colin MacDonald. MacDonald adds that having the insurance and knowing the creditworthiness of their customers not only helped him to sleep at night, but also his lenders, ensuring the company had the cash flow to grow. “In 2009, EDC also stepped in to help us with our long-term debt – providing $20 million of a $60 million financing syndication led by GE Capital, along with BDC and the Nova Scotia government,” he says.
Today, Clearwater has grown into one of the world’s leading seafood companies, renowned for its harvesting, processing and distribution of scallops, premium lobsters and other shellfish. Nearly 100 per cent of its high-quality products are sold abroad – about 40 per cent to the United States, 30 per cent to Asia and the Middle East and 30 per cent to Europe. In particular, the company has been experiencing strong growth in China and the Middle East.