Sace-Banca Akros (Banco BPM Group) agreement
€150 MILLION FOR THE INTERNATIONAL GROWTH OF EXCELLENCE IN THE FOOD-PROCESSING SECTOR
With Ambrosi of Brescia, first operation in the dairy sector: €13 million for the export of Grana Padano PDO and Parmigiano Reggiano PDO
Milan, January 2017 – SACE (Cassa Depositi e Prestiti Group) and Banca Akros (Banco BPM Group) announce an important cooperation agreement to support the international growth of Italian excellence in the food-processing sector, providing a package of insurance and financial solutions to enhance the value of assets in stock and €150 million of new credit lines to be allocated to foreign development processes.
By virtue of this agreement, which is aimed particularly at medium-sized companies (Mid-Cap) and can also be extended to other leading Made in Italy sectors (such as jewellery, leather, wood, pharmaceuticals and chemicals), interested companies will be able to access loans at advantageous conditions, including consortium loans, organised by Banca Akros and guaranteed by SACE, to support investments for international growth and working capital requirements. Additionally, they will also be able to benefit from the insurance and financial instruments developed by SACE to protect the business, such as coverage against the risks of non-payment of trade receivables, technological risks and inventory obsolescence.
The first operation carried out under the agreement concerns a company of excellence in the dairy sector: Ambrosi Spa, a Brescia-based company, leader in Italy and abroad in the premium segment of the market for traditional Italian cheese (including Grana Padano PDO and Parmigiano Reggiano PDO). Thanks to the cooperation between Banca Akros and SACE, the company has obtained a syndicated loan of €13 million to support the procurement of raw materials, as well as the development of the finished products warehouse, in order to further grow in foreign markets, with particular attention to those of France and the United States.
The operation also envisages the cooperation of the Consorzio per la Tutela del Grana Padano (Consortium for the protection of Grana Padano), which is always available to operate for the benefit of the system and its consortium members, and to take advantage of the new guarantee of the Non-Possessory Pledge recently introduced by the legislator and registered on the stock of PDO products.
“Through our partnership with Banca Akros, we are strengthening our role in supporting the international growth of mid-caps with the greatest potential for foreign development,” said Alessandro Decio, Chief Executive Officer of SACE. “It is an initiative that has already brought the first tangible results for Ambrosi, an expression of one of the most strategic sectors for Made in Italy in the world such as food processing”.
Marco Turrina, Chief Executive Officer of Banca Akros, added that “Banca Akros has always paid particular attention to the world of medium and small enterprises by offering various financial advisory services. The agreement with SACE adds an important field of action to our advisory activities”.