Marel Closes on Wenger Acquisition

Marelhas successfully closed the $540 million acquisition ofWenger，是针对宠物食品，植物性蛋白质和水族饲料的高增长市场加工解决方案的全球领导者。

的协议cquire Wenger wasannounced in Apriland subject to customary closing conditions which have been fully satisfied as of June 9, such as anti-trust and approval from Wenger’s shareholders.

构成第四个业务部门的平台投资

As part of the acquisition, Wenger will form a new business segment and fourth pillar of the business model in addition to poultry, meat, and fish and part of segment reporting as of Q3 2022 financial results.

This new platform investment is an important market entry into new growth markets where Wenger’s industry-leading extrusion and dryer technologies forms the anchor point in a new segment in Marel’s business model.

The new segment will be run on a standalone basis, reporting to Arni Sigurdsson, chief strategy officer and EVP of strategic business units.

截至2022年第3季度，这个新平台将与家禽，肉类和鱼类业务领域一起成为Marel部门报告的一部分。

相当大的增长市场

Marel notes there are immediate opportunities for growth and value creation by leveraging its global reach and digital platforms in Wenger’s sizable markets.

The global pet food and aqua feed markets are estimated at over EUR $100 billion and EUR $50 billion respectively and growing at 5% to 6% annually.

The plant-based protein market is currently around EUR $7 billion and expected to grow 15% to 20% annually.

The addressable market for Marel and Wenger in solutions and services within pet food, plant-based proteins and aqua feed is estimated to be around EUR $2 billion with expected annual growth of 4% to 6%, in line with Marel’s long-term market growth expectations.

旨在通过补充产品来加强价值主张

In recent years, Wenger made its mark on the fast-growing plant-based protein consumer market with best-in-class solutions positioned right at the center point of the value chain.

这两家公司拥有互补的技术和产品组合，可以通过植物基蛋白质处理器的生产线解决方案来加强价值主张。

温格（Wenger）的行业领先挤出和干燥技术是定义最终产品质地和质量的价值链中的强大锚点。

Marel’s highly complementary product portfolio will then add technologies such as weighing, sorting, inspection, low-pressure forming and thermal treatment, all aimed at ensuring high-nutrition products that are processed in a safe and sustainable way.

其他收购条款

The acquisition is expected to be margin and earnings enhancing, pro-forma the Wenger business is around 10% of Marel’s total revenues and 12% of combined EBITDA.

With over 500 employees located in close vicinity to Marel in Kansas in the U.S., Valinhos in Brazil, and Kolding in Denmark, Wenger’s revenues in 2022 are expected to be US $90 million, EBITDA to be USD $32 to $35 million, and its EBIT margin has been between 14% to 15% in recent years.

Total investment for the acquisition is US $540 million and the transaction multiple corresponds to 14x EV/EBITDA adjusted for expected tax benefits of US $60 to $70 million.

在总投资中，5.3亿美元是免费现金和债务的购买价格，以5.26亿美元的现金和现有信贷额度支付，以及960,000股Marel股票。

The remaining US $10 million is a combination of a contribution to a not-for-profit private foundation, to continue the legacy of Wenger and its meaningful impact on the community, as well as Marel shares for Wenger employees.

马雷尔说，此次收购将通过其强大的资产负债表和现有信贷额度进行资金。

—喂养& Grain Staff