US fish-processing major American Seafoods is no longer looking for a buyer for the business.

The company, one of the world’s largest at-sea processors of wild Alaska pollock and wild Pacific hake, said its valuation of the company is unlikely to be met in the current macro-economic environment.

Local private-equity firm Bregal Partners, the company's majority shareholder, announced in May last year its intention to sell its interests in all companies in the Bregal Partners I portfolio, which included American Seafoods. The decision to shelve the sales process means the company will remain in the portfolio.

Amrican Seafoods CEO Einar Gustafsson said: “We have paused our sales process, so we can continue to focus on our business and customers.

“Our business remains strong and we look forward to revisiting these discussions when the macro-economic environment improves and when our valuation is consistent with the strength of our company.”

Gustafsson added: “With strong growth prospects ahead, American Seafoods is excited to remove this overhang and refocus ourselves on our day-to-day operations. Our company is poised to capitalise on the global seafood industry’s growing demand for high-quality products.”

American Seafoods, based in Seattle, Washington State, was founded in 1988. It harvests fish from the waters of Alaska and the Pacific north-west.

It processes seafood, including Pacific cod and yellowfin sole. Its catch yielded 1.3bn servings of seafood in 2023.