Marel is happy to announce an settlement to amass German meals slicing know-how supplier TREIF Maschinenbau GmbH (“TREIF”). The 2 firms have a terrific strategic and cultural match with complementary product portfolios and geographic presence, creating a robust platform to boost additional development.
TREIF, a family-owned enterprise headquartered in Oberlahr, Germany is on the forefront in options and companies targeted on portioning, dicing, slicing and slicing of meals. The corporate was based in 1948, specializing in slicing options for the meat business, which continues to be its largest section. With annual revenues of over EUR 80 million, and round 13 million in EBITDA, TREIF has a formidable monitor report of steady product innovation and regular development with 500 workers in services in Europe, US, and China. Its long-standing buyer base is diversified, starting from specialist retailers to blue-chip worldwide meals processors.
A shared ardour for innovation and partnership with clients
TREIF is a good addition to Marel, strengthening the full-line product providing, rising normal tools gross sales and leveraging aftermarket potential with Marel’s intensive world attain and native companies in all areas. Like Marel, TREIF is very targeted on innovation and cutting-edge know-how, backed by an skilled and dedicated staff and long-standing partnerships with clients. TREIF’s product portfolio within the slicing section, portioning, dicing and slicing is very complementary with Marel’s product portfolio. The transaction will improve Marel’s full-line providing for the meat business, in addition to its different segments targeted on enhancing automation, meals security and suppleness for consumer-ready product choices. United, the 2 firms are in a stronger place to drive additional development, offering higher worth for each present and future clients.
Transaction highlights and timeline
Marel has agreed to amass all the share capital of TREIF Maschinenbau GmbH, together with all related enterprise actions of the group. The acquisition value on money and debt free foundation (enterprise worth) might be paid with EUR 128 million in money and a couple of.9 million Marel shares. The closing of the acquisition is topic to customary closing situations, together with anti-trust approval, which is anticipated to happen later within the 12 months.
The acquisition might be financed via Marel’s robust stability sheet, current credit score services and out there treasury shares that Mr. Uwe Reifenhäuser, present proprietor and CEO, will maintain with a lock-up interval of 18 months. Professional forma leverage following completion of the acquisition is estimated to be 1.2xnet debt/EBITDA, in comparison with 0.6x on the finish of 2Q 2020 and the focused capital construction of 2-3x internet debt/EBITDA. The acquisition is totally consistent with Marel´s beforehand introduced 2017-2026 development technique, of 12% common annual enhance in revenues via a balanced mixture of natural and purchased development.
Árni Oddur Thordarson, CEO of Marel, commented:
“We’re happy to announce the settlement to amass German processing tools supplier TREIF, a real hidden champion in our business. With this transaction, two technological leaders with a shared ardour for innovation and a imaginative and prescient to remodel the best way meals is processed, be a part of forces.
We’ve got adopted TREIF for years and been impressed by their cutting-edge know-how, proficient staff and success in buyer engagement, starting from small outlets to main blue chip worldwide meals firms. Collectively, we’re higher positioned to fulfill buyer wants when it comes to automation, flexibility and time to marketplace for consumer-ready merchandise. TREIF’s main slicing know-how is very complementary to Marel’s current product portfolio. TREIF’s largest enterprise segments at this time are inside meat and baked items, and we imagine their technical capabilities will be cascaded to Marel’s poultry and fish segments and speed up our innovation roadmap. TREIF’s put in base is substantial and by leveraging Marel’s digital platform and world attain with native groups in all key areas, we imagine that we are able to drive additional development and aftermarket potential.
The acquisition of TREIF is consistent with our 2017-2026 development technique. There are ample consolidation alternatives in our business, and Marel has the dedication and capital construction to pursue alternatives that help our formidable development goal of reaching EUR three billion in revenues by 2026.”
Uwe Reifenhäuser, CEO of TREIF, commented:
“I’m assured that we’ve discovered a terrific dwelling for TREIF’s legacy and secured the long-term success of our main know-how, our clients and our dedicated workers. My father based TREIF greater than 70 years in the past with the imaginative and prescient to supply the absolute best slicing know-how within the meat section, later increasing into dairy, baked items and different meals segments in want of exact slicing know-how. Our ardour has at all times been to ship revolutionary, dependable options with a robust worth proposition. Consequently we’ve one of many largest meals slicing product portfolio and a loyal buyer base throughout each the retail and processing business.
TREIF and Marel are a great strategic match, each from a product and geographical perspective. We’ve got recognized and revered one another for a very long time, and our latest discussions verify our cultural match and shared ardour for innovation and buyer satisfaction. Wanting additional forward, the dynamic world meals market is evolving in the direction of extra complicated and digitalized options, and our long-standing clients worldwide want certified native service groups on all continents to maintain their operations working at optimum efficiency. Marel has invested considerably in its world attain and digital platforms, making them a superb companion on this regard. Our devoted workers will get the chance to hitch a big worldwide group that can also be the worldwide business chief in our area.”
Marel (NASDAQ: MAREL; AEX: MAREL) is a number one world supplier of superior meals processing tools, programs, software program and companies to the poultry, meat and fish industries. Our united staff of greater than 6,300 workers in over 30 nations delivered EUR 1.three billion in revenues in 2019. Yearly, Marel invests round 6% of revenues in innovation. By repeatedly remodeling meals processing, we allow our clients to extend yield and throughput, guarantee meals security and enhance sustainability in meals manufacturing. Marel was listed on NASDAQ Iceland in 1992 and dual-listed on Euronext Amsterdam in June 2019. For additional data, please go to marel.com/IR.
TREIF is a household owned enterprise headquartered in Oberlahr, Germany and a number one provider of portioning, dicing, slicing and bread slicing options with annual income of round EUR 80 million and 500 workers. TREIF has a formidable monitor report of steady product innovation, a big put in base and constant buyer base. Since present proprietor and CEO, Uwe Reifenhäuser, took over administration in 1989, TREIF has proven regular development and opened workplaces in Europe, USA, and China. Its buyer base is diversified starting from specialist retailers to world meals processors inside pink meat, dairy and baked items. For additional data, please go to www.treif.de/en.