Marel seeks acquisitions to spur growth

Marel seeks acquisitions to spur growth

Iceland-based food company Marel made its debut on the Amsterdam stock exchange on Friday (7 June), adding to a listing in its home country.

The meat, poultry and fish processor had priced the shares at EUR3.70 each, giving the company a market capitalisation of EUR2.82bn (US$3.2bn). The stock rose as much as 9% on Friday on the  Euronext Amsterdam exchange and was trading at EUR3.88 as of 10:40 a.m. London time today. Marel is also listed on the Nasdaq Iceland bourse, where the shares closed last week at ISK553 ($4.46).

Marel said in a statement the share sale, which included a public offering in both the Netherlands and Iceland and a private placement in "various other jurisdictions", was "multiple times oversubscribed" and represented about 15% of its total issued share capital.

"By listing on an international stock exchange in addition to Nasdaq Iceland, Marel increases the visibility of its brand and access to a broader international investor base," the statement read. "In addition, the dual-listing strengthens Marel's capital structure and provides us with a global currency for acquisitions to support our ambitious growth strategy."

Árni Oddur Thórdarson, Marel's chief executive, 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." 

Marel aims to generate annual revenue growth averaging 12% over the next decade with a third coming from organic growth, according to its website.