BUCHAREST (Romania), October 1 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday that it has approved a 5 million euro ($5.8 million) long-term loan to Romanian consumer goods and logistics distribution company Aquila.
The bank also concluded a 5 million euro call option to buy from Aquila's founding shareholders a number of shares in Aquila up to the value of the loan disbursed, at a pre-agreed strike price, the EBRD said in a project summary document.
The proceeds from the loan will enable Aquila to finance the expansion of its own brands portfolio, new warehouse automation, a new ERP system, as well as other working capital and capital expenditures needs. These investments will improve the reach of Aquila's own brands, as well as improve warehouse productivity and help the company enhance its digitalisation.
The total cost of the investment project is 10.14 million euro, according to the document.
In July, Aquila said that it successfully completed the integration of Agrirom, a company specialized in the distribution of temperature-controlled food products. The integration follows the merger by absorption of the two companies at the beginning of 2019, Aquila said back then.
The completion of the Agrirom integration process is part of a broader business consolidation programme that 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 centres and a fleet of over 1,600 vehicles.
The company posted a turnover of over 370 million euro for 2020.