AMSTERDAM: Marel, a leading global provider of advanced processing systems, software and services for the poultry, meat and fish processing industry, Friday began trading on Euronext Amsterdam, adding to its existing listing in Iceland.[the_ad id=”31605″]Alongside the additional listing on Euronext, Marel completed a public offering comprising 100m shares representing approximately 15% of Marel’s share capital. At an offer price of €3.70 the total offer size will be €370 million assuming the full exercise of the over-allotment option. Marel’s total market capitalisation stands at €2.82 billion on the day of listing.
Founded in 1983, Marel had €1.2 billion in revenues in 2018 and more than 6,000 employees in over 30 countries on six continents. Marel is the largest company in Iceland by market value. Since listing in 1992 on Nasdaq Iceland, Marel has delivered a revenue CAGR of 22% through a combination of organic revenue growth and successfully integrated acquisitions. It targets revenue growth of 12% on average annually in 2017-2026, comprising 4-6% organic growth and on average 5-7% via acquisitions. The food processing market in which Marel operates is forecast to grow 4-6% annually.
The listing on Euronext Amsterdam, in addition to its listing on Nasdaq Iceland, sees Marel enter the next phase of its growth. The Amsterdam listing strengthens Marel’s capital structure and provides a global currency for acquisitions in support of its growth strategy, while expanding its shareholder base and enabling Marel to access international capital markets. Amsterdam is the logical choice for listing since Marel already has a strong foothold in the Netherlands where 1/3 of its employees are based. Marel is committed to innovation and targets to invest on an annual basis around 6% of its revenues in Research and Development.
Árni Oddur Thórdarson, CEO of Marel, said: “This is a proud day for Marel as we complete our listing process on Euronext Amsterdam, complementing our Icelandic listing. We are very pleased to have received very strong levels of support and interest in the Offering from both the retail and institutional investment communities in the UK, US, Iceland, Netherlands and the rest of Europe. The Euronext listing will support the next phase of our growth and better enable us to pursue our vision of a world where quality food is produced sustainably and affordably.”
Maurice van Tilburg, CEO of Euronext Amsterdam, said: “We are extremely proud to welcome Marel to Euronext Amsterdam. The fact that Marel has been able to attract a large number of high quality, long term global investors so early in the book building process proves the strong reputation of the company. We are looking forward to supporting Marel’s future and ambitious growth goals.”
To mark Marel’s first trading day, Árni Oddur Thórdarson, CEO of Marel, sounds the gong to open the markets in Amsterdam.