BELGIUM - Greenyard, a global produce supplier, recently announced that it has entered into an agreement with a consortium of banks in order to refinance its outstanding debt and strengthen its capital structure through private investors by €50 million equity (nearly $60 million). In addition to this news, the company also announced the appointment of Marc Coucke to its Board of Directors.
“We are excited to see Greenyard taking this important step toward the execution of its long-term growth ambitions. The stability of our financing, but also the faith and confidence provided by our investors, creates a fertile basis for the organization to continue our improvements and live up to our expectations,” commented Hein Deprez, Co-Chief Executive Officer.
As emphasized by all who had a hand in this investment, the deal is set to open up new opportunities for Greenyard to build out its presence in the market.
The press release noted particulars of the financial agreement, which include the following:
- The new €467.5 million ($557.8 million) financing agreement is committed for a tenor of three years, with a one-year extension option, at market standard conditions, resulting in a stable financing structure for the coming years
- In addition, Alychlo NV (an investment company), as well as existing shareholder, Joris Ide, have committed to participate in a €50 million reserved capital increase
- The new bank financing, in combination with the equity contribution, provide for a stable foundation for the execution of long-term ambitions
“After the transformation, the refinancing was the single missing part of the puzzle for Greenyard to again be able to fully focus on its ambitions to deepen its customer and grower relationships, continue to gain market share, and become a true sustainability leader in the sector,” added Marc Zwaaneveld, Co-CEO. “We look forward to this new chapter with our new equity partners, our long-standing banking partners, and Gigarant.”
Marc Coucke, private investor and incoming Board Member, also commented on this newly formed partnership.
“Greenyard has shown great resilience, fighting spirit, and entrepreneurship to become a healthy company again. On top of that, Greenyard is working in an attractive sector, fruit and vegetables, that is set to become even more important in the coming years as consumers increasingly look for healthy consumption products," Coucke said. “We are looking forward to working together on the execution of the business plan and beyond.”
To learn more about the company’s financial strategy, click here.
As always, stick with AndNowUKnow as we cover the latest in the industry.
