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Deals SACE - 03 November 2016

Fine Foods: € 10 million bond issue with SACE

Sviluppo Export”, the fund of SACE (Cdp Group) that opens the capital markets to Italian exporters, has signed a € 10 million bond issued by Fine Foods & Pharmaceuticals NTM S.p.A., leader in the production of nutraceuticals and pharmaceuticals in solid oral forms.

 

The issue, maturing in seven years, will be fully guaranteed by SACE and subscribed by “Sviluppo Export” Fund utilizing resources provided by SACE and the European Investment Bank.

 

With this issue, Fine Foods & Pharmaceuticals is turning to the capital markets to finance the construction of two new production facilities, one for pharmaceuticals and one for food supplements, in an effort to double production and grow in the international markets.

 

“In the past six years, we have doubled our sales, which will exceed € 110 million in 2016, with a constant increase in profitability," stated Brand Eigenmann, Chairman of Fine Foods & Pharmaceuticals. "With the support of SACE, we are ready to invest in a new program of growth in order to satisfyi the growing demand for pharmaceuticals and nutraceuticals not only in Europe, where our position is consolidated, but also in the high-potential markets of Asia and Africa”.

We are pleased to work with a Made in Italy excellence like Fine Foods & Pharmaceuticals and to support its international growth plans," declared Bernardo Attolico, SACE's Debt Capital Market Manager. "The capital markets offer significant opportunities for high-performing, reactive Italian companies, and I feel there is still much room for initiatives of this type, which we are prepared to support”.

With sales of almost € 22 billion in 2015, pharmaceutical products and formulations represent a niche market for Italian exports with high growth potential. Thanks to its positive performance in the past five years, driven by major changes in demand and styles of consumption, that industry has attractive opportunities in several markets: Germany, Spain, Belgium, United States and China absorbed over half of the exports in 2015.

 

Fine Foods was supported from structuring to closing by EY (Ernst & Young), as financial advisors, and was assisted by Gianni Origoni Grippo Cappelli & Partners, as legal consultants. The Chiometi law firm acted as legal consultant for SACE.

 

“Sviluppo Export” Fund

“Sviluppo Export”, the fund of SACE (Cdp Group) reserved to professional investors, has total assets of € 350 million, € 175 million provided by SACE and an equal amount financed by the European Investment Bank and guaranteed by SACE. Managed by Amundi SGR, the Fund invests in secured and unsecured fixed-income securities with fixed- or floating-rate coupons and redemption by installments or at maturity, issued by unlisted Italian companies with an export and internationalization calling. Companies in all production sectors, except financial and real estate, are eligible for “Sviluppo Export” Fund investments, for the purpose of financing a broad spectrum of activities related to exporting and internationalization or projects of strategic importance for Italy (acquisitions, mergers or joint ventures, R&D investments in Italy, purchase or renewal of plant and machinery, as well as communication and marketing activities).

 

Fine Foods & Pharmaceuticals NTM S.p.A.

The core business of Fine Foods & Pharmaceuticals NTM is the development and contract production of solid oral forms for the pharmaceutical, nutraceutical, and medical equipment industries. With more than 150 customers, 77 production lines, 500 employees and 2015 sales of € 102 million, the Lombard company is a major player in its market, with strong collaborative arrangements with important multinational groups. Fine Foods also collaborates actively with important industrial associations in Italy (AIIPA) and Europe (FSE) to keep constantly abreast of changes in European laws and regulations for food supplements and foods for special groups.

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