Altor Equity Partners said on Friday that its Altor 2003 Fund had struck an agreement to sell Meyn Holding BV, the parent of Dutch poultry processing equipment maker Meyn Food Processing Technology BV, to CTB Inc, a unit of Berkshire Hathaway Inc (NYSE:BRK.A).
CTB, with a long history in food equipment, is a well suited owner for Meyn Altor, capable of developing the company further, Bengt Maunsbach, partner at Altor Equity Partners AB, said.
Altor, which bought Meyn in 2005, has expanded the business to reach EUR205m (USD270m) in revenues in 2011 from EUR98m in 2004, with its EBITDA growing over that period at an annual pace of 15%.
The company doubled to 1,000 its staff under Altor’s ownership and increased to 60% from 30% the share of sales in fast growing emerging markets, the vendor said.
Victor A. Mancinelli, CTB’s president and CEO, expressed his satisfaction with the deal which he expects to significantly add to CTB’s food equipment sector portfolio, he said.
Altor was advised by Nomura International Plc and Van Doorne.
Meyn develops, manufactures, markets and distributes its poultry processing solutions globally to industrial poultry processors in over 90 countries.
Financial details of the deal were not provided. Completion is pending approval by competition agencies and the Dutch works council.