BioMar Acquires Ecuadorian Shrimp Feed Manufacturer Alimentsa
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schouw+co
Acquisition of Alimentsa
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Alimentsa at-a-glance
Ecuadorian top 4 feed producer
■ Market share 10-15%
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Founded 1986 by Danish/German families
Founders are still main shareholders
Capacity of ~110k t pelletised shrimp feed
Complete line of feed products; from starter
to harvest and speciality products
Strong technical setup; 3 training centres
■ More than 300 customers in Ecuador
Strong management with solid track-record
continues under BioMar's ownership
■ 2016 revenue USD 75m and solid
profitability
■ 145 employees
Transaction details
Acquisition of 70% of the company
■ Valuation (EV 100%) USD 170m
▪ EV/EBITDA¹7E transaction multiple of ~9.4x
Subject to customary approvals
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Closing expected autumn 2017 i.e. limited effect on
financials in 2017 (except payment of USD 119m)
Likely 2018 effect before minorities and PPA: Volume
~85k t, revenue DKK +500m, EBIT DKK +110m
Long-term synergies
▪ Leverage from BioMar's knowledge/setup in salmonids
Development/introduction of functional shrimp feed;
e.g. performance, efficiency, health benefits,
sustainability, food safety, traceability and other concepts
Optimise sourcing platform and raw material usage
■ Cross-utilise with shrimp feed production in Costa RicaView entire presentation