Milarex

Health and climate action

Company details

Year Aquired

2017

Location

Norway/Poland

Revenue (2019)

2,267 mSEK

Sector

Fish processing

Employees

1.509

Investment Themes

Resource Efficiency

Contact

If you want to know more about Milarex please contact Hannah Gunvor Jacobsen at: hannah.jacobsen@summaequity.com

Milarex operates within the secondary processing part of the value chain, focusing on salmon value-added products. The company is headquartered in Norway with a factory in Poland and distribution offices in Germany, Italy, UK and France. The factory is one of the world's most advanced salmon processing factories, driven by the company's proprietary know-how and technology. Milarex is a leading global player today, producing more than 17 m kilos of edible products, and is estimated to have a leading cost position.

 

Key developments in 2019

Milarex has to date delivered a successful ramp-up from both a financial and an operational perspective. In 2019, Milarex grew 10% to SEK 2.3bn in revenues. Production facility is now completed, but has capacity to be expanded further to cater to future growth. Further, the company has experienced strong demand from its customers in new markets (e.g. US, UK, APAC), which represent attractive avenues for growth going forward.

Impact Dimensions

The challenges we face

The world population is estimated to reach 8.3 billion people by 2030, implying a demand for 35% more food than what we have available today1. On a global basis, more than 1.9 million adults are classified as overweight2, representing a need for a healthier diet to combat the disease. Also, of the total GHG emissions that we have today, approximately 14.5% is due to livestock3. These challenges represent opportunities for healthy protein producers, such as Milarex, to step up by increasing volume and improving the efficiency of food production.

 

%
of all GHG emissions are from livestock
%
more GHG emissions from production of beef relative to fish

 

What is the outcome?

By providing a safe, healthy, affordable source of food protein (SDG 3)6 and achieving a high ratio of fish-infood-out (yield), Milarex helps cover the world’s growing nutrition needs. Also, replacing other, more carbonintensive, protein sources such as livestock with salmon reduces GHG emissions (SDG 12). Milarex also acts to avoid harm to life below water (SDG 14) by sourcing sustainability-certified salmon. 93% of the company’s raw materials were certified in 2019.

 

Who are the stakeholders?

Milarex mainly sells its products to consumers through retailers in Germany, Italy, Eastern Europe, UK, US, and other countries. Salmon is a premium protein, increasing the availability through affordable solutions makes salmon more accessible for more consumers.

 

How big is the effect, and does it last?

Milarex sold around 17 m kilos of edible products in 2019. 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…

What differentiates Milarex to its industry peers is its ability to produce high-quality salmon protein with high raw material yields and a stringent approach to food safety at a low cost for the consumers. Thus, by improving consumer access to healthy, safe, sustainable, and affordable proteins, Milarex has a meaningful impact on our society. Further, through selling processed fish with a longer shelf life, and utilizing the whole fish by selling by-products, Milarex contributes to reducing food waste.

 

Impact risk: what can go wrong?

The quality of Milarex' products is dependent on the quality of sourced raw materials. Though regulation is strict, the industry is still plagued with diseases, sea lice and high fish mortality, which can have negative effects on their surroundings in addition to impacting the quality of the fish meat.

Year Aquired

2017

Revenue (2019)

2,267 mSEK

Employees

1.509

Investment Themes

Resource Efficiency

Sector

Fish processing

Location

Norway/Poland

Contact

If you want to know more about Milarex please contact Hannah Gunvor Jacobsen at: hannah.jacobsen@summaequity.com

Website

Video

SDG Alignment
SDG Wheel
SDG 2
SDG 3
SDG 12
SDG 14
KPI reporting
SDG 8

REVENUE (SEKm)

2019
+10%
2,267
2018
2,057
SDG 12

CONVERSION RATIO

Raw material to edible product
2019
+1
69%
2018
68%
SDG 3

TONS OF EDIBLE PRODUCT

2019
+9%
16,9k
2018
15,5k
SDG 12

SUSTAINABLE RAW MATERIALS

With certificates from either ACS, Global GAP or MSC
2019
+4%
93%
2018
89%

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