Gardabaer, Iceland-headquartered Marel has entered into an agreement to acquire Valka ehf., a producer of fish processing equipment ranging from waterjet cutters to trimming and grading systems for whitefish and salmon. Based in Iceland and Norway, it has 105 employees and generated approximately €17 million in sales last year.
The buyer aims to acquire 100% of Valka’s share capital, with 90% of the shares directly transferred from the seller. Parties holding the remaining 10% stake will be given an option to sell their holdings at the same terms.
The purchase price, which was not revealed, will be paid 50% in cash and 50% in Marel shares, except for smaller shareholders who will have the option of a full cash payment. The deal is subject to customary closing conditions, including anti-trust approval, and is expected to be completed later this year.
This transaction will strengthen Marel’s full-line offering to the fish processing industry and increase scale to better serve customer needs. The shared technical knowhow of the combined team will accelerate innovation and allow processors to adapt swiftly to rapidly changing markets.
The companies see great potential for Valka’s products and technology in protein industries beyond fish and sefaood, and will work together in leveraging Marel’s global sales and service network in over 30 countries.
Helgi Hjálmarsson, Valka’s founder and chief executive officer, will take on a role as director of solution integrity at Marel. He is pictured above with Marel Fish Executive Vice President Guðbjörg Heiða Guðmundsdóttir.
“The establishment of Valka in 2003 was a big step for me after nine excellent years at Marel, where I worked on many innovative projects,” said Hjálmarsson. “By rejoining Marel you could say we are moving back home because both companies share the same vision and passion for developing high-tech processing solutions that transform the way fish is processed in a sustainable way…I am really excited to start working on transferring Valka’s technology over to other industries where we see great opportunities.”
