How our partnership began

Credo invested in MMC in July 2019 as part of a management and employee buy-out. Before this, Credo had already formed a good impression of MMC from our work with Optimar and was able to act swiftly when its then-owner, Havyard, signalled interest in selling the business.

The value creation hypothesis was built on several pillars: improvement in competitive strength from removing vertical integration with a customer/boat builder continued strong well-boat demand, and potentially high value from growing land-based farming and pelagic investments.

Recent results

2023 was a challenging year for MMC First Process as the company navigated continued market headwinds, including the lingering effects of the salmon tax and broader macroeconomic conditions. Despite the near absence of well-boat signings and several industry peers declaring bankruptcy, MMC managed to maintain steady performance, ending the year with revenues just shy of NOK 1 billion and EBITDA of NOK 40 million. A partnership with Marel, announced in early 2024, positions MMC as a key supplier in aquaculture processing, and successful adaptations of existing technologies, like the fish sorter for the post-smolt market, sparked new interest and growth potential.

How we see the future

Looking forward, MMC remains focused on balancing short-term profitability with long-term strategic positioning. The partnership with Marel is expected to drive growth once market conditions improve, and development in areas like lice treatment and water processing could open new revenue streams. MMC’s commitment to sustainability, highlighted by the “fish welfare approved program,” will continue to guide its operations, helping the company maintain a leadership position in the industry. We have high expectations for this investment.