Equistone Partners Europe sell stake in Netherlands-based MPS Meat Processing Systems to Marel
Funds managed by Equistone Partners Europe have agreed to sell their stakes in MPS Meat Processing Systems to the Nasdaq-listed Marel hf. MPS, which is headquartered in Lichtenvoorde in the Netherlands, supplies slaughter facilities to a global client base and develops customised system solutions for the dissection, transport and storage of meat products on the one hand, and on the other hand for industrial water treatment. Marel, the buyer, is the leading global supplier of special equipment and services to the poultry, meat and fish processing industries.
With around 670 employees, MPS is expected to record an annual turnover of €150 million and an EBITDA of almost €40 million this year. The company has production facilities in the Netherlands and China, and is among the global market leaders, especially in the development, production and installation of slaughter systems for pork, beef and lamb. Equistone took over MPS from Steadfast Capital in 2010 as part of a secondary buy-out, and has since held 75.1% of the shares. The remainder is held by MPS management.
“Since 2010 MPS has not only grown strongly but has also been able to increase its profitability significantly,” emphasised Michael H. Bork, managing director of Equistone. “Today MPS is a very modern high-tech company, that stands out for its innovation, efficiency and premium products that are in demand across the world. This is also thanks to a first-class and highly motivated MPS management team, who we wish every success.”
“We were able to strengthen MPS’s market position in a sustainable way, not only through organic growth but also through the strategic acquisitions of Durand International and KJ Industries – and the takeover by Marel proves that further successful development lies ahead,” added Dr. Marc Arens, a director and partner of Equistone in Munich.
“Equistone was an ideal partner, who always gave us the right stimulus, both for our own sustainable growth and for securing suitable corporate acquisitions. We would like to thank Equistone for such a professional, enjoyable and highly successful collaboration,” explained Remko Rosman, CEO of MPS Meat Processing Systems.
Marel secured the acquisition through an auction process. MPS and Marel have an impressively large interface yet can be seen as a good strategic fit, not only due to the complementary product portfolios of the two companies, but also their geographical presence and similar corporate cultures, which form a very promising basis for future growth.
At Equistone Partners, Michael H. Bork and Dr. Marc Arens took responsibility for this transaction. Equistone was advised by William Blair. The sale is still subject to approval by the antitrust authorities. The parties expect the deal to be completed in the first quarter of 2016. The purchase price was €382 million.
Source: Equistone Partners Europe Press Release