By Maryam Farag
Marel has announced an agreement to acquire Wenger Manufacturing LLC, a global leader in processing solutions, focused on pet food, plant-based proteins and aqua feed.
Marel has agreed to acquire Wenger Manufacturing LLC., including all relevant business activities of the group. The total investment for the acquisition is US$540 million. Thereof, US$530 million is the purchase price on a cash and debt-free basis (enterprise value).
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.”
“Wenger’s passion for innovation and commitment to high-quality solutions, in addition to their excellent customer focus and talent management, are the key attributes Marel is proud to partner with,” said Arni Oddur Thordarson, CEO, Marel. “Wenger is a true leader in its field of providing solutions and services to the pet food industry and aquafeed industries, and has in recent years made its mark on the fast-growing plant-based protein consumer market with best-in-class solutions positioned right in the center point of the value chain.”
A new business segment, based on the Wenger platform, will constitute Marel’s fourth pillar alongside poultry, meat and fish, and will be focused on the sizeable and attractive growth markets of pet food, plant-based proteins and aqua feed.
“Marel has invested significantly in its global reach and digital platform, which will improve Wenger’s ability to be the partner of choice for our clients throughout the long life-cycle of our equipment,” said Trevor Angell, Chairman, Board of Directors, Wenger. “Further, our dedicated team will be joining a large, healthy, international organization where they can grow and see increased opportunities.”