Deloitte Legal advised Iglotex S.A. on a financing transaction of PLN 160 million
Warsaw, 23 December 2019 r.
Deloitte Legal provided advisory to Iglotex S.A., co-owned by Penta Investments on negotiations of a facilities agreement totalling PLN 160 million with a banking consortium.
The company, a leader in the frozen food market in Poland, obtained a funding for its investments and ongoing operations, as well as refinanced its existing debt. The new funding shall be used to reconstruct the new facility in Skórcz after a fire that destroyed it in May 2019 and to invest in a production facility of 13,600 sq. m, warehouses of 9,000 sq. m and a distribution division with a fleet of over 700 vehicles and office space of 1,800 sq. m.
IGLOTEX is going to build a new production plant and distribution division in Skórcz. It will be the most modern facility in this part of Europe. According to the approved timeline, the construction work shall commence in the first half of January 2020. Provision of machinery and startup are planned for the period from June to September 2020. Obtaining the use permit is planned for the end of September 2020, so that the new plant can commence regular operation in October. The distribution division shall commence operations in June 2020.
The new plant will produce dumplings, Italian type pizza and French type bread pizza. Later in future, we plan commencing the production of ready-made meals. The new plant shall cooperate with a number of suppliers and provide products to several shop chains, while the distribution division will continue cooperation with several thousand retail clients and restaurants in Poland
- says Maciej Włodarczyk, CEO, IGLOTEX S.A.
The services provided by Deloitte Legal included support in the course of negotiating the facilities agreement and collateral documentation. The transaction was extremely dynamic, and its completion necessitated an analysis of several legal and factual aspects.
The Deloitte Legal team included lawyers specialised in banking and finance:
- Agnieszka Ziółek (Partner);
- Antoni Goraj (Senior Managing Associate);
- Aleksandra Witowska (Senior Associate).
The Iglotex Capital Group is a diversified, vertically integrated distribution and production group, a leader on the frozen food market in Poland. Owing to efficient distribution divisions and a strong sales team it supplies its clients countrywide. It cooperates with top suppliers, and its offer includes frozen, refrigerated and dry food. It is a reliable trading partner for several thousand clients per year.
About Deloitte Legal
Deloitte Legal is a part of the international network of legal firms associated with Deloitte. At present it employs over 2500 lawyers in 81 countries and ranks among the largest global legal firms. Deloitte Legal, Pasternak, Korba, Moskwa, Jarmul i Wspólnicy Kancelaria Prawnicza sp. k. has a network of offices in the largest Polish cities: Warsaw, Poznań, Wrocław, Kraków, Katowice Szczecin and Łódź. Services to our Clients in Poland are provided by a team of over 90 lawyers, mainly attorneys at law and barristers.
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