Marel Growth Strategy and Wenger Acquisition
Total investment of USD 540 million
Adjusted transaction multiple corresponds to 14x EV/EBITDA and closing is expected before end of Q2
Transaction
consideration
Financial
impact
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Approvals and
timing
Marel has agreed to acquire Wenger for a total investment of USD 540m
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USD 530m is the purchase price on a cash and debt-free basis (enterprise value)
marel
The remaining USD 10m is a combination of a contribution to a not-for-profit private foundation, to continue the legacy of Wenger and its
meaningful impact on the community, as well as Marel shares for Wenger employees
The transaction will result in expected tax benefits of USD 60-70m and the adjusted transaction multiple corresponds to around
14x EV/EBITDA
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The acquisition will be financed through Marel's strong balance sheet and existing credit facilities
Ongoing discussions with the shareholders of Wenger regarding partial consideration in Marel shares that will be concluded prior to
closing
Assuming a full cash payment, pro-forma leverage following completion of the acquisition is estimated to be around 3x net
debt/EBITDA, compared to Marel's targeted capital structure of 2-3x net debt/EBITDA
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To preserve operational headroom, Marel has signed a EUR 150m bridge facility
The closing of the acquisition is subject to customary closing conditions, including anti-trust and shareholder approval of Wenger,
which is expected to take place before end of Q2 2022
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