Marel has acquired a 50 percent stake in Curio, a Hafnarfirði, Iceland-based maker of whitefish processing equipment.
Terms of the deal were not publicly announced, but the transaction will take place in two phases, with 40 percent of the company transferred at the deal’s closing – expected in Q4 2019 – and the additional 10 percent transferring on 1 January, 2021. Marel also has negotiated an option to acquire the remaining 50 percent of Curio in four years.
“We are super-excited to join forces with Curio, an innovative provider of equipment for primary processing for the whitefish segment, bringing us closer to becoming a full-line provider in the global fish segment,” Marel CEO Árni Oddur Thórdarson said. “In recent years, Marel and Curio have achieved great results collaborating on many full-line projects with some of the most forward-thinking fish processors in the industry. With Marel´s full-line approach, overarching Innova software, and by being a reliable maintenance partner in the field, we help our customers further automate production in a seamless flow, securing more valuable and safer products to global consumers.”
Founded in 2008, Curio designs and manufactures whitefish primary processing, specializing in innovative heading, filleting, and skinning solutions. Curio generates around EUR 10 million (USD 11.1 million) in annual revenue, mainly through sales in Scandinavia and the United Kingdom, it said in a press release. Founder Ellidi Hreinsson will remain with the company after the transaction finalizes, the company said.
“The acquisition is excellent news for our customers across the world as the synergies resulting from joining forces will fuel innovation and grow our solution offering,” Hreinsson said. “I truly look forward to working closer together and expect great things from our joint innovation efforts.”
The transaction is in line with Marel’s strategic objective to be a full-line supplier with standard and modular building blocks of advanced food processing solutions across the fish, meat and poultry industries. Curio’s complementary product portfolio of heading, filleting and skinning solutions brings Marel closer to becoming a full-line provider to the global fish industry.
Marel, one of the world’s largest providers of food processing equipment and related systems and services, has partnered with Curio before. In the release, the company said the acquisition will allow it “to deliver full-line projects around the world.”
“Curio will utilize Marel’s sales and service network to extend its global reach with the objective of serving customers better,” the company said.
Photo courtesy of Curio
