Vitale advised Consorzio Agrario del Nordest in the transfer of its operating business unit to CAI S.p.A.

Consorzio Agrario del Nordest ("Agrinordest"), Consorzi Agrari D'Italia S.p.A. ("CAI") and BF S.p.A. ("BF") have signed an investment agreement aimed at the incorporation of Agrinordest into CAI for the purpose of (i) the transfer into CAI of the business unit of Agrinordest consisting of assets instrumental to the marketing, production and supply of agricultural services and products (i.e. all the assets, tangible and intangible, relating to Agrinordest's core business), together with some real estate assets instrumental to the core business, plants and equipment (with the exception of machinery relating to the mechanisation sector), intangible assets, working capital, personnel and related liabilities and a portion of financial debt, and (ii) the subscription by BF of a reserves cash capital increase of euro €25m thus maintaining ownership of 36% of CAI's share capital

Agrinordest, a cooperative founded in 1895 with mutualistic aims boasts revenue exceeding €430m and a widespread network of commercial, logistic and production facilities located throughout the territory.

The objective of the entry into CAI is to create a strategic hub of Italian agriculture that includes Consorzio Agrario dell'Emilia, Consorzio Agrario del Tirreno, Consorzio Agrario del Centro Sud, Consorzio Agrario dell'Adriatico and Agrinordest. Following the incorporation of Agrinordest, CAI is now a platform that generates over €1bn in annual revenues, counting on more than 20 thousand members farms and embracing the agronomic and commercial needs of over 200 thousand agricultural entrepreneurs.

Moreover, Agrinordest has signed agreements with the banks in relation to the financial indebtedness transferred to CAI and for a loan of approx. €8m.

Vitale acted as Agrinordest's financial advisor, providing support in the structuring of the transaction, debt collection and negotiation phases with banks.
 

n.a.