Panealba: loan of 72.5 million from Intesa Sanpaolo
The doubling of the Cherasco plant is expected
Panealba, a Piedmontese company from Cuneo, specialized in bakery products, has signed a medium / long-term loan of 72.5 million euros with Intesa Sanpaolo, in the role of bookrunner and Mla, Banca di Asti and Banco Bpm, both in the role by Mla. The loan is mainly intended to expand the Cherasco plant, for which the company expects investments of over 30 million euros over the next 2-3 years, also destined to host the production of Campiello brand biscuits. Furthermore, it will be used to support the company's development projects, also with a view to possible new acquisitions; and finally to the reshaping of the maturity profile of the debt, with the lengthening of the average duration of the loans in place.
For Intesa Sanpaolo, the transaction was finalized by the Imi Corporate & Investment Banking Division through the Corporate Finance Mid-Cap Department, in collaboration with the Business branch in Alba.
"This is an ambitious project that will allow us to double our production capacity in the breakfast biscuits segment, going from the current 20 to over 40 million kg that can be produced, with new fully automated production lines and in full compliance with Industry criteria. 4.0", said Giorgio Tesio, CEO of Panealba, Gabriele Tesio, CEO and brother of Giorgio, added: "This development plan was well understood by Intesa Sanpaolo, which immediately showed great availability and openness in support us on this path of growth".
EFA News - European Food Agency