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12/2024100%

Marel acquired by JBT Marel

ICELAND Industrial Equipment / Process Engineering & Production Lines / Food & Beverage Lines EV €1–10bn

Context

JBT Corporation has completed the settlement of its voluntary takeover offer for Marel hf., acquiring 97.5% of the shares and initiating a compulsory acquisition for the remaining outstanding shares. The deal results in the formation of JBT Marel Corporation, a combined entity with a strengthened global footprint in food technology. The merger is designed to combine the complementary strengths of JBT (specializing in liquid food, beverage, and packaging technology) and Marel (specializing in protein processing and full-line food systems). By unifying these portfolios, the combined company aims to transform the future of food processing by leveraging a broader base of recurring service revenues and deep domain expertise. The strategic logic is built on significant revenue synergies and the creation of a "one-stop-shop" for food and beverage producers, allowing the new entity to offer a more comprehensive range of automated and software-enabled solutions to a global customer base. This deal represents a major consolidation in the food processing machinery industry, creating a tier-one global player with unmatched scale.

This platform was built through multiple acquisitions, including Valka (2021) and Wenger Manufacturing (2022), illustrating an active consolidation strategy.

Marel, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average observed in the Industry & Manufacturing sector (11.1x in 2024).

-> Deep-dive in Industry & Manufacturing market trends

Target

Marel, headquartered in Iceland, is a premier global provider of advanced processing equipment, systems, software, and services tailored for the food processing industry. The company engineers highly sophisticated solutions across multiple verticals, notably poultry, meat, fish, and pet food, supported by its well-regarded Wenger Manufacturing subsidiary. Recognized as an undeniable market leader in food processing technology, the enterprise holds a highly defensible market position driven by a robust portfolio of robotics, data-driven automation, and software solutions. Furthermore, the organization operates a highly resilient business model, generating substantial recurring revenue from aftermarket services and proprietary software ecosystems, which ensures deep client entrenchment. Strategically, the firm continually reinforces its competitive moat by investing heavily in research and development to set new industry benchmarks for food safety, sustainability, and production yield. This distinctive value proposition positions the company as a highly attractive platform for sector consolidation, offering unmatched capabilities in driving operational efficiencies for food producers worldwide.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€1–10bn
€150–250M
[members only]
2023
€1–10bn
€150–250M
[members only]

Other operations with Marel

Other operations with Marel
DateAcquirerTargetCountrySector
06/2022MARELWENGER MANUFACTURINGUNITED STATESFood & Beverage Lines
07/2021MARELVALKAICELANDFood & Beverage Lines
10/2020MARELTREIF MASCHINENBAUGERMANYFood & Beverage Lines
12/2019MARELCURIOICELANDFood & Beverage Lines
11/2019MARELCEDAR CREEK COMPANYAUSTRALIAIndustry-Specific Software
07/2018MARELMAJAGERMANYFood & Beverage Lines
11/2015MARELMPS MEAT PROCESSING SYSTEMSNETHERLANDSFood & Beverage Lines

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €150–250M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Marel by JBT Marel are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: jbt marel

FAQ

What transaction does this page cover?

This page covers JBT Marel’s acquisition of 100% of Marel, an Icelandic company specialised in Process Engineering & Production Lines, in 2024.

How was the acquisition of Marel by JBT Marel valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Marel’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Marel generated annual revenue estimated in the €1–10bn range and EBITDA in the €150–250M bracket (FY 2024). Detailed financial figures are available to members.

How does the valuation of Marel compare to benchmarks in the Industry & Manufacturing sector?

With an estimated valuation multiple in the range of 15x - 25x, Marel trades above the median sector multiple of 11.1x observed for the Industry & Manufacturing sector in 2024. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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