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10/2020100%

Treif Maschinenbau acquired by Marel

GERMANY Industrial Equipment / Process Engineering & Production Lines / Food & Beverage Lines EV €100–350M

Context

The transaction marks the exit of the founding family's historical ownership of TREIF in favor of a global specialist in advanced automation for the food and beverage industry. This move is part of a diversification strategy towards secondary processing equipment and new agri-food markets, such as the dairy sector. Under the founding family's guidance since 1948, the target company has developed a recognized technological portfolio and a critical installed base internationally, but faced size constraints in scaling its aftermarket services globally. The combination enables the removal of these capacity constraints by integrating TREIF's standard cutting machines into Marel's global distribution network, while leveraging the acquirer's local technical support teams to systematically capture maintenance and replacement flows of wear parts. The post-acquisition strategy focuses on technically integrating the target's slicing modules into Marel's production lines to market complete and automated engineering solutions to red meat manufacturers. The retention of the management team ensures continuity of long-term commercial relationships during the operational integration phase, while joint research initiatives aim to interconnect TREIF's material infrastructure with Marel's proprietary factory management software platform, with the goal of entering new markets and expanding the customer base.

The acquisition of Treif Maschinenbau is part of the growth strategy of Marel, which already has several external growth operations under its belt, notably Curio in 2019.

Treif Maschinenbau, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Industry & Manufacturing sector (11.6x in 2020).

-> Deep-dive in Industry & Manufacturing market trends

Target

TREIF Maschinenbau GmbH designs and manufactures high-precision industrial food cutting, slicing, dicing, and portioning machinery catering to a customer base that ranges from regional specialist retailers to multi-national food processors within the red meat, dairy, and bakery sectors. The company's revenue model relies on the initial sale of standard and customized slicing units alongside highly recurring cash flows generated through the replacement of specialized cutting blades and mechanical components subject to rigid wear-and-tear cycles during continuous high-velocity plant operations. Industrial food processors procure these systems to optimize raw material yields, enforce strict weight-accuracy regulations for consumer-ready packaging, and reduce biological product giveaway.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2019
€50–100M
€5–25M
[members only]
2018
€50–100M
€5–25M
[members only]

Other operations with Marel

Other operations with Marel
DateAcquirerTargetCountrySector
12/2024JBT MARELMARELICELANDFood & Beverage Lines
06/2022MARELWENGER MANUFACTURINGUNITED STATESFood & Beverage Lines
07/2021MARELVALKAICELANDFood & 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 €100–350M

Revenue range: €50–100M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Treif Maschinenbau by 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.

Target: treif maschinenbau

FAQ

What transaction does this page cover?

This page covers Marel’s acquisition of 100% of Treif Maschinenbau, a German company specialised in Process Engineering & Production Lines, in 2020.

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

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

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

At the time of the transaction, Treif Maschinenbau generated annual revenue estimated in the €50–100M range and EBITDA in the €5–25M bracket (FY 2019). Detailed financial figures are available to members.

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

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Industry & Manufacturing sector (11.6x in 2020).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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