Gardabaer, Iceland-headquartered Marel has entered into an agreement to buy 50% of Curio, a primary processing equipment supplier to the whitefish industry. The purchase is subject to customary closing conditions and is expected to be completed during the fourth quarter of this year.
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 sectors. Curio’s complementary product portfolio of heading, filleting and skinning solutions brings Marel closer to becoming a comprehensive provider to the global fish industry.
Marel and Hafnarfirði, Iceland-headquartered Curio have a history of working together on major projects around the world, many of which utilize overarching Innova software from Marel to enable seamless flows across all processing stages.
The transaction will take place in two phases: 40% at closing and the additional 10% on January 1, 2021. Curio’s founder Ellidi Hreinsson will stay with the company, and Marel will have an option to acquire the remaining 50% of shares in four years.
“We are super excited to join forces with Curio,” said Marel CEO Árni Oddur Thórdarson. “In recent years the two companies have achieved great results collaborating on installations with some of the most forward thinking fish processors in the industry.”
Curio CEO Hreinsson added: “The acquisition is excellent news for our customers across the world as the synergies resulting from joining forces will fuel innovation and grow our solutions offering. I truly look forward to working closer together and expect great things from our joint innovation efforts.”
Founded in 2008, Curio’s main market is Europe, with a focus on the Nordics and the United Kingdom. The company generates around EUR 10 million in annual revenue.
Marel is a leading global provider of advanced food processing equipment, systems, software and services to the poultry, meat and fish processing industries. Employing over 6,000 people in more than 30 countries, it rang up EUR 1.2 billion in sales during 2018. The company was listed on NASDAQ Iceland in 1992 and dual-listed on Euronext Amsterdam in June of 2019.