The global provider of food processing equipment acquires Kansas-based supplier Wenger for $540 million (€514.4M).
The investment will allow the Icelandic-based company to establish its fourth business segment alongside poultry, meat and fish.
Marel will also benefit from the “diversified and loyal customer base” of Wenger, ranging from blue-chip pet food processors to startup companies in plant-based proteins.
The company said that Wenger is a “true leader” in the field of providing solutions and services to the pet food industry and aqua feed industries.
For Trevor Angell, Chairman of the Board of Directors of Wenger, the investment will improve the company’s ability “to be the partner of choice for our clients throughout the long life-cycle of our equipment.”
Founded in 1935, Wenger has 500 employees and revenues in 2022 are expected to be $190 million (€181M). Marel posted €1.36 billion ($1.43B) in revenue in 2021, an increase of 10% against 2020.
The acquisition is fully in line with Marel’s 2017-2026 growth strategy, where the company is targeting a 12% average annual revenue growth.
The closing of the acquisition is subject to customary closing conditions, including antitrust and shareholder approval of Wenger, which is expected to take place during the second quarter of 2022.
