Cuatrecasas assists banks on Europastry´s €800m sustainable financing
Cuatrecasas has advised BBVA, ING and other financial institutions on closing a syndicated financing agreement for Europastry, a Catalan frozen bakery and pastry company, for €800 million
The operation incorporates sustainability criteria linked to targets for reducing CO2 emissions and saving water consumption.
Europastry´s products are present in more than 80 countries and the company reached a turnover of €686 million in 2020. With this deal, the Sant Cugat del Vallès (Barcelona)-based company has a cushion for its growth strategy, which has internationalisation and innovation as its main axes.
The company, which operates under the brands Europastry, Fripan, Dots and Frida, among others, concentrated 43% of its sales outside Spain last year, with the United States, northern Europe and the United Kingdom as its main geographical areas.
The loan is broken down into €525 million to refinance current liabilities with credit institutions and €275 million to meet growth plans, and has a repayment period of four years, until the end of 2025. In addition to BBVA and ING, CaixaBank, Sabadell, Santander, Bankinter and Banca March, as well as ING and Rabobank have also participated.
The Cuatrecasas´ team involved in the transaction was formed by Barcelona office partner Manuel Follía (pictured), along with lawyers Magda Munt and Mireia Martínez.
