Equistone exits MPS to Marel for €382m

During Equistone's ownership, MPS acquired Durand International in 2011, a company that produces saws for cutting pork. In 2013 MPS bolted on KJ Industries, a producer of meat cutting and disassembling systems.

The sale was conducted via an auction process in which Marel came out on top. The deal awaits approval from competition authorities and is expected to close in Q1 2016.

Previous funding
Equistone, then known as Barclays Private Equity, acquired MPS in an SBO from Steadfast Capital in 2010, taking a 75.1% stake in the company.

The remaining shares continued to be held by MPS's management. The transaction was funded from the €2.4bn Barclays Private Equity European Fund III. The exit generated a 3x return on investment for Steadfast.

Steadfast acquired MPS In July 2004 in a secondary buyout from Penguin Ventures.

Two further add-on acquisitions followed in January 2010 with CO₂ stunning-equipment manufacturer Butina and blood processing equipment manufacturer Anitec.

Company
Headquartered in Lichtenvoorde, MPS Meat Processing Systems develops, produces and installs slaughtering systems for pork, beef and sheep. It also develops systems for the transport and storage of meat and for water purification.

MPS has sites in the Netherlands and China, and employs 670 people. Equistone estimates that the company will have a turnover of €150m and EBITDA of €40m in 2015. 

People
Michael Bork and Marc Arens worked on the deal for Equistone. Remko Rosman is CEO of MPS Meat Processing Systems.

Advisor
Seller – William Blair (Corporate finance).

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