Press release: €70 million from Intesa Sanpaolo for Fine Foods’ growth projects
Intesa Sanpaolo and Fine Foods have signed a €70 million financing deal to support growth and development projects.
Through Intesa Sanpaolo’s financial support, Fine Foods recently acquired control of Euro Cosmetic, a company specialising in contract development and manufacturing of cosmetics. Intesa Sanpaolo acted as the loan’s sole financial arranger. The €70 million seven-year loan will partly reorganise financial debt by replacing short-term credit lines with medium-long term debt. It will open the door to Fine Foods’ further growth-by-acquisition plans.
Fine Foods Chairman Marco Eigenmann said: "I am pleased with this financing transaction which will further support Fine Foods’ development and growth. Intesa Sanpaolo is our company’s reference financial institution. The bank’s support is a sign of Fine Foods’ strong credibility among bankers and financial institutions and their interest in helping in its development and growth."
Intesa Sanpaolo Lombardia Nord Regional Director Tito Nocentini, said: "The Fine Foods transaction backed by the Group’s Imi CB Division shows Intesa Sanpaolo’s support for growth-oriented companies with a broad international vision. We see these as key factors for increased competitiveness and profitability."