Italian cheese company Ambrosi secures loan from Deutsche Bank and others
Deutsche Bank, Banco BPM and other syndicate banks, have agreed to provide a loan of €27.5 million to Italian cheese company Ambrosi.
Owned by Brescia Group, Ambrosi is said to specialize in the production and ageing of Grana Padano and Parmigiano Reggiano DOP cheeses.
According to Deutsche Bank, the five-year loan is secured by Ambrosi’s own inventory of parmesan cheese, which as per the bank is currently a more “liquid asset” than property.
Following a maturing process that lasts a minimum of two years, Grana Padano, Parmigiano Reggiano DOP, and other premium Italian cheeses get prices of between €550 and €740 per wheel on the open market, said Deutsche Bank.
Ambrosi is expected to use the proceeds of the loan on improving its ability to export Italian made cheeses across the world. To begin with, the Italian cheese company will build a new facility for holding a total of 120,000 cheese wheels, which will boost its cheese production capacity by 20%.
Established in 1942, Ambrosi, which is based in Lombardy province, is among the major producers and distributors of premium traditional Italian cheeses in the country. Last year, the Italian cheese company had €440 million in consolidated revenues.