Reykjavík, Iceland-headquartered processing machinery and technology firm Marel has reached an agreement to acquire the remaining 50% stake in Curio, giving it full ownership of the whitefish processing equipment provider.
Since acquiring 40% of Curio in October 2019 and a further 10% in January 2021, the two companies have worked closely together. As well as sharing know-how and innovations, they have leveraged Marel’s global sales and service network and digital solutions to explore new markets and deliver full-line projects worldwide.
“We are ready to take the next step on our journey with Curio after successfully cooperating for over two years,” said Guðbjörg Heiða Guðmundsdóttir, EVP Marel Fish. “We have already achieved fantastic results, where our global reach has enabled sales of Curio’s standalone equipment in new markets, for example in Spain and in Italy. In addition, our combined line offering, including Innova, has enabled new sales in the US and Europe.”
Founded in 2008, Curio specialises in heading, filleting, and skinning solutions. Its main market is Europe, focusing on the Nordics and the UK.
Curio CEO, Ellidi Hreinsson, said the two companies’ collaboration over the past two years had “exceeded expectations” to the benefit of both.
“Considering the successful collaboration and the strong sales growth of our joint solutions, I believe now is the right time to integrate the companies.
“I am excited about the integration, which will create a stronger and more comprehensive product offering, accelerate innovation even further and customers will benefit from our strong production, sales and service network,” he said.
Marel explained that the acquisition is fully in line with its strategic objective to be the one-stop shop for food processors looking for high-tech solutions, software, and services.
Recent acquisitions of Curio, Valka and 40% in Stranda Prolog have brought Marel closer to becoming a full-line provider to the global fish industry and contribute to management’s targets for margin expansion in the fish industry, it said.
Guðmundsdóttir said the combined technological and digital solutions increase automation and efficiency and further advance the value proposition for sustainable processing.
“The combined team is excited about the future and will continue to transform the fish processing industry in partnership with customers,” she said.
