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Intesa Sanpaolo finances Parmareggio with Italian Guarantee

37 million euros guaranteed by Sace to support investments

Sustainable growth is at the heart of Parmareggio's development project. Among the main operators of the Italian dairy industry, the Emilian company received a loan from Intesa Sanpaolo for 37 million euros, digitally guaranteed by Sace through the Italian Guarantee, the instrument of the Liquidity Decree intended to support Italian companies during the Covid-19 emergency. The loan is aimed at supporting the working capital, personnel costs and the investment plan of the Modena-based company, which will focus on new ESG programs that are already strategic for the company. 

The operation - lasting 72 months - will have, in fact, among the various objectives that of supporting activities with a strong social impact in support of associations operating in the non-profit sector and in personal and professional support to disadvantaged categories, as well as dedicated internal training programs to staff on issues of the culture of environmental sustainability. 

Parmareggio takes care of the maturing and marketing of POD hard cheeses and, in particular, of Parmigiano Reggiano under the Parmareggio and Grana Padano brands (following the recent integration with Agriform). Parmareggio belongs to the Bonterre Group, fully cooperative property and strongly rooted in the Modena area, the result of aggregations of Italian excellence in cured meats and aged cheeses, which has reached dimensions useful for developing synergies and economies of scale. With approximately 1.3 billion in turnover, three commercial branches abroad, 18 factories in Italy, 2,200 employees, 165 thousand tons sold per year, the Bonterre Group is today a leader in the Parmigiano Reggiano, Grana Padano and cured meats production chain. 

Among the values of Parmareggio and the Group stand out the commitment to reduce the environmental impact by optimizing the use of resources, making production processes more efficient, lowering energy consumption, always seeking new technologies and materials that ensure product quality with a lower environmental impact; values that were fully shared in the solution proposed by Intesa Sanpaolo through the S-Loan, which provides for the monitoring of the objectives identified in the notes to the company's financial statements.

Parmareggio, thanks to the recent integration with Agriform, the first Venetian company in the sector of Grana Padano, Asiago, Piave and other typical regional cheeses, with over half of its turnover generated abroad, has become the largest company in the world of PDO hard cheeses. , with a leadership position in both Parmigiano Reggiano and Grana Padano; the only one on the market to have a wide and complete supply chain in both PDOs, with over 2000 farmers and about twenty member dairies. The new reality, which made its debut with a turnover of 550 million euros, has 4 production plants and 400 employees. Parmareggio's goal is to further develop on national and international markets thanks to growing solidity and competitiveness, and to further improve the enhancement of the products of all members.

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EFA News - European Food Agency