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CDP and SACE underwrite €60 million bond issuance for leading Italian dairy group
CDP Group reaffirms its role as supporter of the Italian agri-food sector by underwriting a bond issuance to help Italian dairy leader Granarolo expand abroad.
CDP and subsidiary SACE underwrote the €60 million euro bond sale in equal parts. With the fresh funds, the Bologna-based dairy company aims to increase the contribution business abroad makes to total revenue to 40% from 20%. The company plans to grow from new acquisitions, increasing its range of products and geographic presence. By focusing on new markets in North America and Asia, Granarolo will launch a vast basket of Made-In-Italy products, responding to demand from each specific community.
"It’s an operation that combines the commitment of our Group in supporting the internationalization of Italian companies, a key factor of success and competitiveness, with support for a sector that has always distinguished itself as Italian excellence,” said CDP Chief Business Officer Antonella Baldino. “Granarolo is Italian excellence in the dairy sector, which is a strategic asset of the national economy, not only because of its important contribution to economic growth and because it represents a significant portion of our exports, but also for the image of quality it projects that always returns to the country. "
In line with our business plan, CDP Group promotes Italian excellence in the agri-food sector, encouraging the growth of Made- in- Italy abroad.