EBRD lends € 5 million to Romanian consumer goods retailer Aquila
BUCHAREST, Romania, Oct. 1 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) on Friday announced it had approved a long-term loan of 5 million euros ($ 5.8 million) to the company Romanian retailer of consumer goods and logistics Aquila.
The bank also entered into a € 5 million call option to purchase from the founding shareholders of Aquila a number of Aquila shares up to the value of the loan disbursed, at an agreed strike price, EBRD said in a project summary document.
The loan proceeds will allow Aquila to finance the expansion of its private label portfolio, new warehouse automation, a new ERP system, as well as other working capital and capital expenditure needs. These investments will improve the reach of Aquila’s own brands, improve warehouse productivity and help the company improve its digitalization.
The total cost of the investment project is 10.14 million euros, according to the document.
In July, Aquila announced that it had successfully completed the integration of Agrirom, a company specializing in the distribution of temperature-controlled food products. The integration follows the merger by absorption of the two companies in early 2019, Aquila said at the time.
The finalization of the Agrirom integration process is part of a broader business consolidation program which also included, at the end of 2019, the absorption of Seca Distribution and the integration of its activity within Aquila.
Founded in 1994, Aquila is active in Romania and Moldova, operating a network of 14 distribution centers and a fleet of over 1,600 vehicles.
The company achieved a turnover of more than 370 million euros for 2020.
($ = 0.8636 euros)