Milarex

Company details

Year Aquired

2017

Location

Norway / Poland / Germany / Italy / France / UK / USA

Revenue (2021)

3 369 m

Sector

Seafood

Employees

1685

Investment Themes

Resource Efficiency

Contact

If you want to know more about Milarex please contact Sercan Samanci at: sercan.samanci@summaequity.com

Milarex at a glance

Milarex is an international seafood company, focusing on salmon value-added products. The company was established in 2016 and has taken a leading position within value-added processing Milarex is headquartered in Norway, and has sales offices in the US, Germany, Italy, France, UK and Poland. The company operates one of the world's most advanced and effective salmon processing plants, located in Poland.


Key developments in 2021

Milarex continued to deliver solid growth in 2021 (18%), supported by strong demand in the retail segment. The company experienced strong pull from markets such as North America, Italy, France and UK, which represent important growth markets for Milarex going forward. Significant efforts were made to upgrade waste or low-priced parts of the salmon to edible products and value-added alternatives. Milarex also successfully launched new sustainable product concepts, such as "Arctic Fish Pure Green", lowering impact whilst differentiating Milarex in the market and enabling improved margins.

Impact dimensions

The challenges we face

Global food resources are becoming increasingly scarce, and with around 2 billion more people to feed by 2050 globally, sustainable food alternatives are needed. On a global basis, more than 1.9 million adults are classified as overweight, representing a need for a healthier diet to combat the disease.

 

%
of all GHG emissions are from livestock
%
lower GHG emissions per kg from Salmon production relative to emissions from beef

 

What is the outcome?

By providing a safe, healthy, affordable source of food protein and achieving a high ratio of fish-in-food-out (yield), Milarex helps cover the world’s growing nutrition needs. Additionally, Milarex promotes a sustainable production cycle by sourcing sustainability-certified salmon (95% of raw materials in 2021), using recyclable plastics (35% of consumer packaging) and moving into 100% green electricity at factory from 1st January 2022.


Who are the stakeholders?

Milarex mainly sells its products to consumers through retailers in Germany, Eastern Europe, Italy, UK, France, North America and Australia.


How big is the effect, and does it last?

Milarex sold around 24m kg of edible products in 2021. Going forward, the company expects a continued stable demand for salmon on the back of increasing health and sustainability awareness amongst consumers.


If Milarex didn’t exist…

By improving consumer access to healthy, safe, sustainable, and affordable proteins, Milarex has a meaningful impact on our society. Through processing of salmon with maximum usage of the raw materials for human consumption, efficient and more environmentally friendly handling of waste from production, and utilization of all fish waste, Milarex makes healthy seafood more accessible and reduces the environmental impact from salmon processing.


Impact risk: what can go wrong?

The quality of Milarex' products is dependent on the quality of sourced raw materials. Though regulations of salmon farming are strict, the industry still has challenges in biology, animal welfare and sustainable farming practices.

Year Aquired

2017

Revenue (2021)

3 369 m

Employees

1685

Investment Themes

Resource Efficiency

Sector

Seafood

Location

Norway / Poland / Germany / Italy / France / UK / USA

Contact

If you want to know more about Milarex please contact Sercan Samanci at: sercan.samanci@summaequity.com

Website

Video

SDG Alignment
SDG Wheel
SDG 2
SDG 3
SDG 12
KPI reporting
SDG 8

REVENUE (SEKm)

2021
18%
3 369
2020
2 863
2019
2 487
SDG 12

CONVERSION RATIO

Raw material to edible product
2021
1 ppt
67%
2020
66%
2019
69%
SDG 3

TONS OF EDIBLE PRODUCT

2021
13%
23 526
2020
20 769
2019
16 972
SDG 12

SUSTAINABLE RAW MATERIALS

With certificates from either ACS, Global GAP or MSC
2021
2ppt
95%
2020
93%
2019
93%

Learn more about Milarex

Summa Equity acquires Milarex

Summa Equity has acquired 75% of Milarex, a value-added processing company in the salmon industry, from the founder, Jerzy Malek. Summa Equity is a thematically-focused private equity investor with Seafood as one of the focus areas within its “Resource Scarcity” theme.   “With a growing global population amidst global climate issues, the world needs healthy…

Read the story

Summa Equity acquires Milarex

Summa Equity has acquired 75% of Milarex, a value-added processing company in the salmon industry, from the founder, Jerzy Malek. Summa Equity is a thematically-focused private equity investor with Seafood as one of the focus areas within its “Resource Scarcity” theme.   “With a growing global population amidst global climate issues, the world needs healthy...
Learn more