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Acquisition Will See Morubel, Ristic Become Leaders in European Frozen Shrimp Market

Crustaceans Sustainability Processing +3 more

GLOBAL - GBC, owner of the Belgian Morubel nv, and Peter Ristic, owner of Ristic AG, based in Oberferrieden, Germany have reached an agreement for the acquisition of all outstanding shares of Ristic and the Costa Rican entities by GBC. The agreement will see a joined Morubel and Ristic becoming the leading party in the European frozen shrimp market with a unique sustainability proposition.

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The activities of both companies are highly complementary: Ristic has a solid position in farmed shrimp, with own production facilities in Costa Rica and Morubel is leading in the segment of wildcaught shrimp.

But there is also a perfect match in their business approach: for both companies sustainability forms an integral part of business policies. The combination of Morubel and Ristic activities will therefore give customers and consumers better access to a broader variety of sustainable and responsible products.

Since both companies offer their products mainly under private label, practical implications for customers are rather limited. Moreover the different company brand names will be maintained.

Ristic employs approximately 275 people in Oberferrieden in Germany and the companies in Costa Rica. Morubel in Oostende, Belgium employs 107 people.

The new combination will be led by Edo Abels, the current CEO of Morubel. Ristic founder and majority shareholder Peter Ristic will stay on as Managing Director of Ristic AG.

Mr Abels commented: "I am very positive about the perspectives of this combination. Together we have a strong position in frozen shrimp in Europe in both, wild caught and farmed product. We will further extend this position through the exchange of best practices, optimizing logistic processes and growing the business. In addition, we will further elaborate our leadership role in the industry in the area of corporate social responsibility. We are also pleased that Peter Ristic remains Managing Director of Ristic. With his knowledge and experience in the field of sustainability, we will be able to further strengthen our unique positioning in this area."

Mr Ristic said: "This transaction is an undeniable confirmation of our leadership position in the field of sustainability and the quality of our company. I look forward to working with Edo and the rest of the team to further accelerate the development and growth of the combined company in the future."

Closing of the transaction is still subject to approval of the relevant authorities and may be expected in the second half of March 2016.