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06/2022100%

Wenger Manufacturing acquired by Marel

UNITED STATES Industrial Equipment / Process Engineering & Production Lines / Food & Beverage Lines EV $500M–1.5bn

Context

The transaction transitions Wenger into a publicly traded corporate structure, establishing a standalone fourth operating segment focused on non-meat alternative proteins. This ownership shift moves the asset from private hands into a scaled platform designed to accelerate international capital deployment and bypass capacity constraints in the target's core manufacturing operations. Post-acquisition execution centers on expanding factory footprints in North America to meet unfulfilled processing demand, alongside the integration of Marel’s global digital service network to institutionalize the target's high-margin aftermarket business. Commercial synergies will be driven by cross-selling Marel's downstream technologies, including sorting and thermal treatment systems, directly into Wenger's established upstream customer installations, while management continuity ensures operational stability throughout the integration phase.

The acquisition of Wenger Manufacturing is part of the growth strategy of Marel, which already has several external growth operations under its belt, notably Valka in 2021.

Wenger Manufacturing, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 15.8x.

-> Deep-dive in Industry & Manufacturing market trends

Target

Wenger operates as an industrial engineering and manufacturing firm focused on extrusion and thermal drying solutions for the pet food, aquaculture, and plant-based protein sectors. Revenue generation is split between the sale of high-specification primary processing machinery and a high-margin aftermarket service model, with maintenance contracts and wear-and-tear parts replacement representing over 40% of total turnover. The customer base spans multi-national pet food processors and early-stage meat-alternative producers, with procurement cycles tied directly to global processing capacity utilization and technical requirements for precise texture control. Operating out of specialized manufacturing facilities in the United States, Brazil, and Denmark, the business relies on long-standing client relationships where high switching costs protect the installed base, while demand is structurally insulated by secular volume growth in consumer premium pet food markets.

Ent. Value

$500M–1.5bn

Equity Value

[members only]

Multiples

FREE VIEW

EV / Revenue

2.8x

FREE VIEW

EV / EBITDA

15.8x

EV / EBIT

15x–25x

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2022
$100–200M
$25–50M
$10–30M
2021
$100–200M
$25–50M
$10–30M

Other operations with Marel

Other operations with Marel
DateAcquirerTargetCountrySector
12/2024JBT MARELMARELICELANDFood & 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

Similar deals in Industrial Equipment

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04/2022LONE STAR FUNDSSPX FLOWUNITED STATESSpecial Machinery
01/2022EDDYFI TECHNOLOGIESZETECUNITED STATESInstrumentation & Measurement
01/2022ENDEAVOURMETALMECCANICA SPAGGIARIITALYLifting & Handling
12/2021ATS CORPORATIONSP INDUSTRIESUNITED STATESLab & Scientific Equipment
11/2021PARTNERS GROUPDIVERSITECHUNITED STATESValves, Pumps & Taps
08/2021NORDSON CORPORATIONNDC TECHNOLOGIESUNITED STATESInstrumentation & Measurement

REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $100–200M

EBITDA range: $25–50M

EV/Revenue range: 2x - 6x

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 Wenger Manufacturing 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: wenger manufacturing

FAQ

What transaction does this page cover?

This page covers Marel’s acquisition of 100% of Wenger Manufacturing, an American company specialised in Process Engineering & Production Lines, in 2022.

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

mynth displays the transaction’s enterprise value within the $500M–1.5bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

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

At the time of the transaction, Wenger Manufacturing generated annual revenue estimated in the $100–200M range and EBITDA in the $25–50M bracket (FY 2022). Detailed financial figures are available to members.

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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