World's leading avocado supplier set for growth with multi-million-dollar funding from HSBC UK - London Business News
Summary
A multinational fresh fruit supplier with its global headquarters in Kent is set for further international growth with $300 million funding from a trio of banks, led by HSBC UK.Westfalia Fruit Group will utilise a multi-million-dollar revolving credit facility (RCF) from HSBC UK, the International Finance Corporation (IFC), and Standard Bank to fund potential investments and working capital. Westfalia will also use drought and disease-resilient varieties to address the impact of climate change.Alk Brand, Group Chief Executive Officer at Westfalia Fruit Group, said: This investment will enable Westfalia to continue to grow its business, strengthen value chains to sustainably produce and source quality avocados, and improve access to export markets to meet the growing demand for the fruit.The partnership with HSBC UK, IFC and Standard Bank will contribute to our efforts to enhance sustainable farming practices, create jobs in the communities where we operate, and support economic growth. I am ready for a transformational year in 2023, and I know I can count on the support of HSBC UK in the process.Danny Goldblum, Head of Large Corporate Coverage at HSBC UK, added: Were pleased to have delivered a bespoke solution to meet Westfalias specific requirements demonstrating our strong capabilities to lead and coordinate across different teams. IFCs investment in Westfalia will help increase avocado production to meet growing demand, strengthen global value chains and boost economic growth in developing countries.Clive Potter, Head of Client Coverage South Africa at Standard Bank, said: Standard Bank is Westfalias leading banking partner for its South African operations and we are pleased to grow our support for Westfalias international business and become a key funding partner both locally and globally. This deal will adequately support Westfalias strategic ambitions by allowing the business to retain its leading global avocado producer status and grow in markets where there is opportunity for growth.
Funding
Classifications
AskAI Classifications
LabelsLinked Companies
