COFIDES will support United Caro, a company which specialises in innovation and the development of natural casings for the agri-food industry, in its growth in France. To this end, it has granted a €700,000 joint venture loan from the FONPYME, which the company will use to finance the acquisition of a French company which operates in the same sector.
The acquisition of the French company will allow United Caro to expand its customer base in one of the group's main markets, as well as to improve the distribution of its product in other countries.
One of United Caro's area of business focuses on R&D&I, which allows it to offer innovative products which can provide energy and water cost savings, and which is key to customer loyalty.
The chairman and CEO of COFIDES, José Luis Curbelo, said that "companies which offer sustainable and innovative solutions and products tailored to consumer needs can count on the support of COFIDES in order to expand their business model".
The CEO of United Caro, Antonio Caro Salmerón, highlighted the importance of this support from COFIDES, which reinforces United Caro's commitment to innovation and international expansion, the two cornerstones of its business model.
This project benefits from the COFIDES Impact programme, part of the Recovery, Transformation and Resilience Plan. Through this initiative, funded by the European Union - Next GenerationEU, COFIDES supports investment projects which generate a positive impact as regards the achievement of the SDGs. Under COFIDES Impact, a subsidy is provided through the variable sustainability component of the financing price, linked to the achievement of certain sustainable indicators. Thus, the subsidy in the price of the financing will be linked to obtaining and maintaining a quality certification.
In addition, the project mainly contributes to the achievement of Sustainable Development Goal (SDG) 5, 'Gender equality', and 8, 'Decent work and economic growth'.
ABOUT UNITED CARO
Founded in Baza (Granada) in 1950, United Caro specialises in the sale of products for the agri-food industry, mainly the production and marketing of natural casings. United Caro has a presence in four of the five continents. It now has two international sales subsidiaries, in Argentina and Brazil.The company is a world leader in the production of natural casings, thanks to its commitment to quality, innovation, respect for the environment and raw materials.
ABOUT COFIDES
COFIDES is a a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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