Caroli Foods Group Loans 23 Million Euro from BCR and BRD for Expanding Production Facilities and Purchasing Equipment
Caroli Foods Group, a leader in the local meat processing market, has contracted a credit facility of 23 million euros from a bank syndicate formed by BCR and BRD. The two banks contributed equally to this funding.
Money is to be used to expand production capacities and acquire new equipment, including for working capital, announced the parties involved in the deal.
Law firm Nestor Nestor Diculescu Kingston Petersen (NNDKP) provided legal advice to the two financiers.
"2017 is a historic year for the Caroli Foods Group due to its takeover by Sigma Alimentos, one of the world's leading prepared and preserved meat. This change at the shareholder level guarantees that we, the Caroli Foods Group, will continue to invest in our brands, technology and innovation to serve consumers and meet their expectations. Thanks to BCR and BRD for their confidence and support for meeting our customers' needs and achieving the company's goals, "said Khaled el Solh, CEO of Caroli Foods Group.
Sigma Alimentos, part of the Mexican conglomerate Alfa Group, announced on September 1 a takeover of a 51% stake in the El Solh family, thus reaching 100% stake in Caroli Foods Group, a purchase funded from the buyer's current assets.
"We are glad that through this new syndicated credit we can support a company like Caroli Foods Grup, a national brand with a strong industrial footprint and significant distribution and sales capabilities. Financing companies that produce, employ and matter in Romanian lives remains one of our key objectives, "said Cătălina Porojan, Managing Director of Groupe Large Corporate Finance at BCR.
Caroli Foods Group has a production unit in Pitesti, where it has about 1,200 employees. In 2016, Caroli had sales of about 88 million euros. The company has brands such as Caroli, Sissi and Primo.
Sigma Alimentos, a global company with $ 5.7 billion in revenue a year, is strongly anchored in North America and Latin America and Western Europe, so taking a top platform on the Romanian market like the Caroli Foods Group opens the gates of entry into this region of Eastern Europe.
The Alfa Holding, whose portfolio is Sigma Alimentos, is the third largest Mexican-sized group and is already active in Eastern Europe through the Nemak aluminum automotive component maker with global operations including Poland, the Czech Republic, Slovakia and Hungary. (source: mirsanu.ro)
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