Altor has sold poultry processing business Meyn Food Processing Technology to CTB, a subsidiary of Berkshire Hathaway. Financial details were not disclosed, although according to reports, the sale generated an IRR of over 30 per cent.
Headquartered in the Netherlands, Meyn provides poultry processing equipment to industrial poultry processors in over 90 countries worldwide.
Altor acquired the business in early 2005. Since then its revenues have increased from €98m in 2004 to €205m in 2011, representing an average annual growth rate of 11 per cent. Meyn's Ebitda has also risen, from €12m to €32m, an increase of 15 per cent each year. Over the same period employee numbers doubled from approximately 500 to 1,000.
“Meyn’s equipment and services today allow over one billion people every day to consume nutritious protein,” commented Bengt Maunsbach, partner at Altor Equity Partners.
CTB manufactures systems for the care of poultry and pigs, collecting eggs, storing and handling grain, feeding horses and air cleaning systems.Picture: Source