Cerealto Signs €80 Million Loan For International Expansion
Global private label manufacturer Cerealto has signed a syndicated loan for €80 million to finance its international expansion plan.
The company says that its plan involves investments in different strategic markets, including the UK, Portugal, Italy, Mexico and the US.
The loan was designated by Santander with the participation of other financial institutions, including Rabobank, Bankia, Caixabank, Sabadell and Liberbank.
Cerealto says that it will help the group to achieve its commitments with worldwide retailers and manufacturers, relating to product category management, innovation and manufacturing.
Cerealto forecasts a turnover of €500 million by 2021, representing a significant growth compared to the €93 million generated in 2016.
The company’s product portfolio includes biscuits, breakfast cereals, cereal bars, baby food, pasta, bread, pastries, gluten-free products and snacks. It launches over 100 new products a year and invests more than 4% of its turnover in R&D.
Cerealto sells its products in over 40 countries and has production facilities in Portugal, Spain, Italy, the UK and Mexico.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine