COFIDES will support the first international establishment of Newgarden, an outdoors furniture company. With this aim, it will provide EUR 300,000 through a co-investment instrument to the project company NGarden Mexico S.A. de CV, for renewing premises and purchasing machinery from the company’s production site in Queretaro, Mexico. The funding will be charged to COFIDES’ own resources (25%) and the FONPYME for a project totalling a final investment of EUR 375,000.
Newgarden has been markeing its products in Mexico since 2015, where the company has warehouse premises and a showroom. This Newgarden’s investment is due to a strategic objective, as the manufacturing in Mexico will cut off the logistic costs and enhance the response and adaptation capacity to the clients’ demands, whilst it will ease their products access to the US market.
Upon signing the funding agreement, the COFIDES chairman, Salvador Marin, reminded that “companies growing with their projects abroad become bigger, stronger and strengthen the Spanish HQ, contributing also to maintain and generate jobs, as well as to the development of innovation at the place of origin”.
Established in 2012, Newgarden is a family company from Murcia (based in Alhama de Murcia) focused on the design, manufacturing, and marketing of outdoors furniture, lighting and decoration, and gardening products. Newgarden’s products are sold in more than 17 countries and has 65 employees in Spain.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism. Shareholders include Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander, Banco Popular, Banco Sabadell and CAF-Development Bank of Latin America.