Altor 2003 Fund is selling Meyn Holding B.V., the parent company to poultry processing company Meyn Food Processing Technology. The buyer is CTB Inc., a subsidiary of Berkshire Hathaway Inc., and a manufacturer of agricultural systems and solutions. Terms of the deal were not released. Meyn is based in The Netherlands.
Altor 2003 Fund (”Altor”) has reached an agreement to sell Meyn Holding B.V., parent company to Meyn Food Processing Technology B.V. (“Meyn”), the global leading poultry processing solutions company, to CTB, Inc. (“CTB”), a subsidiary of Berkshire Hathaway Inc., and a leading designer, manufacturer and marketer of agricultural systems and solutions.
Headquartered in The Netherlands, Meyn is the global market leader in poultry processing solutions serving industrial poultry processors worldwide through its offering of full “wall-to-wall” solutions.
Meyn develops, manufactures, markets and distributes its poultry processing solutions globally to over 90 countries.
Since Altor’s acquisition of Meyn in early 2005, Meyn’s revenues have increased from EUR 98 million in 2004 to EUR 205 million in 2011, representing an average annual growth of 11per cent, while strengthening EBITDA from EUR 12 million to EUR 32 million, an average annual growth of 15 per cent. Over the same period, the share of new project sales in the fast growing emerging markets has increased from approximately 30 per cent to 60 per cent while the number of employees has doubled from approximately 500 to 1,000.
Bengt Maunsbach, Partner at Altor Equity Partners AB, comments, “In Meyn Altor acquired a great business with a world class management team. We are pleased with the way Meyn has developed, particularly in the light of the challenging business environment during the global recession experienced a few years ago. Since 2005, we have invested significantly in growth markets, new factories, R&D and strategic acquisitions to ensure Meyn realized its full potential of becoming the market leader in poultry processing equipment. Meyn’s equipment and services today allow over one billion people every day to consume nutritious protein.”
Bengt Maunsbach continues, “Having completed our development plans for Meyn and generated strong returns for Altor’s investors, we are confident Meyn will continue to prosper under CTB’s ownership. We are convinced that CTB, with its long and successful history in food equipment, is well suited to develop Meyn further.”
Han Defauwes, President and CEO of Meyn, comments, “Altor has proven to be an excellent owner of Meyn. Under Altor’s ownership, Meyn has successfully developed its services to encompass the entire poultry processing value chain, providing market leading efficiency to the industry. With CTB as a new owner, we will be able to continue our successful strategy to further build our leading position in the poultry processing industry.”
Victor A. Mancinelli, CTB President and CEO, comments “Altor has built a world class company and nurtured a very strong management team. We are pleased with the transaction and believe that Meyn will add significantly to CTBs portfolio of companies in the food equipment sector”
The transaction is conditional upon approval by competition authorities and the Dutch works council. Altor was advised by Nomura International Plc. and Van Doorne.
The Altor Funds are private equity funds, consisting of the “Altor 2003 Fund”, which has committed capital of EUR 650 million, “Altor Fund II”, which has committed capital of EUR 1,150 million, and “Altor Fund III”, which has committed capital of EUR 2,000 million. The Altor Funds are advised by Altor Equity Partners. The Altor Funds invest in mid-size businesses, committed to creating value through growth, strategic development and operational improvements. Since being founded in 2003, the Altor Funds have made more than 35 platform investments and more than 40 strategic add-on acquisitions. For more information, please visit www.altor.com
About Meyn Food Processing Technology B.V.
Meyn Food Processing Technology B.V. is the reliable and committed partner of renowned poultry processing companies in over 90 countries worldwide. Meyn is widely recognized for its ability to support its customers in their ambition for higher capacity and increased yield and efficiency. Meyn’s solutions have proven to maintain its high-level performance under a wide variety of line speeds and bird sizes, allowing its customers to achieve top level productivity with an absolute minimum of labor. For more information, please visit www.meyn.com
CTB, Inc. is a leading global designer, manufacturer and marketer of systems and solutions for the poultry, pig, egg production, and grain industries. Its products and services are “Helping to Feed a Hungry World®” through improved efficiency and air quality management in the care of poultry and livestock as well as in grain storage, handling, conditioning and drying. Founded in 1952, CTB has been dedicated to “Leadership Through Innovation®” throughout its history. The company operates from multiple locations in various countries around the world and serves its customers through a worldwide network of independent dealers and distributors.
CTB continues to focus on its strategy for growth which includes expanding its global physical presence, as well as extending its competitive advantage through accretive acquisitions and other beneficial business arrangements, emerging as the best-cost manufacturer in the industries it serves, emphasizing its product-driven focus, and enhancing its financial strength. The company became a wholly owned subsidiary of Berkshire Hathaway Inc. in 2002.