Marel (Iceland, Australia) - Marel is pleased to announce that it has agreed to acquire Cedar Creek Company, an Australian provider of specialized software and hardware solutions to meat, seafood and poultry processors. The transaction is subject to customary closing conditions and is expected to be completed in the fourth quarter of 2019.
Shared ambition for data-driven processing:
Cedar Creek offers specialized software solutions that integrate on-floor processing data capture, production control, head office reporting, and traceability throughout production.
Marel’s Innova Food Processing Software provides full traceability throughout the production process and enables food processors to improve performance and enhance productivity. Innova integrates seamlessly with Marel’s product portfolio of stand-alone equipment and full-line solutions to poultry, meat and fish processors.
Cedar Creek’s technical expertise and solutions are complementary to Marel’s commitment to innovation and Innova software. Together, the companies will continue to develop innovative software solutions that allow food processors to collect and utilize data to improve yield, throughput, quality, food safety and efficiency.
Extending customer reach in Australia and New Zealand:
Cedar Creek has built long-standing relationships with some of the largest meat and poultry processors in Australia and New Zealand. By acquiring Cedar Creek, Marel will expand its customer reach in the region. Jointly the companies will strengthen customer support with integrated software and hardware solutions for food processors.
Cedar Creek’s experienced management team will stay on board and ensure business continuity for employees and customers.
ÁrniI Oddur Thórdarson, CEO of Marel:
“Cedar Creek’s software solution is leading in its home market and together, we have opportunities to continue to develop high-tech, data-driven solutions for food processors that merge connectivity, software and hardware to drive smarter processing. With Cedar Creek’s strong market position in Australia and New Zealand, Marel further strengthens its global sales and service network to deliver value for customers.”
Lynne Lambert, Co-Founder and Director of Cedar Creek Company:
“With this acquisition we join forces. Our technical capabilities and complementary regional presence are a good fit, enabling us to increase scale and better serve customer needs. We will share best practices, deepen our product expertise and leverage our combined resources to offer best-in-class solutions.”
About Cedar Creek Company:
Founded in 1999, Cedar Creek offers proprietary software solutions, covering a wide range of aspects of the production value chain. The technology is compliant with and recognized by various Australian government bodies including Meat & Livestock Australia (MLA).
The Cedar Creek team consists of about 20 employees, with head office in Brisbane in Australia and a support office in Auckland in New Zealand. Cedar Creek’s annual revenue is about AUD 5 million.
Marel is a leading global provider of advanced food processing equipment, systems, software and services to the poultry, meat and fish industries. Our united team of more than 6,000 employees in over 30 countries delivered EUR 1.2 billion in revenues in 2018 and operated at a 14.6% EBIT margin.
Annually, Marel invests around 6% of revenues in innovation, which translated to EUR 74 million in 2018. By continuously advancing food processing, we enable our customers to increase yield and throughput, ensure food safety and traceability, and improve sustainability in food production. Listed on NASDAQ Iceland since 1992, Marel had a public offering and listing of 15% of its shares on Euronext Amsterdam in June 2019.