EBRD invests in Greek flour milling company

by Holly Demaree
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EBRD_Flour_Loulis Mills_Photo courtesty of EBRD
Loulis Mills currently produces over 120 varieties of flour and bake mixtures.
 
LONDON, ENGLAND —The European Bank for Reconstruction and Development (EBRD) completed its first transaction in the agribusiness sector in Greece by providing €10 million long-term financing to Loulis Mills, a Greek flour milling company.

The EBRD participated in the purchase of a €40 million bond loan facility alongside Alpha Bank, Eurobank and National Bank of Greece. The funding will finance additional working capital and refinance part of Loulis Mills' existing and maturing debt obligations.

"This transaction is not only our first investment in the Greek agribusiness sector, but also the transaction that closes a very successful first full year of the EBRD’s operations in Greece, having signed some €800 million transactions to date,” said Sabina Dziurman, EBRD director, Greece and Cyprus. “The EBRD will continue to remain active in Greece and boost its efforts to support the Greek corporate sector in cooperation with local commercial banks and through mobilizing other co-financiers."

Loulis Mills, listed on the Athens Stock Exchange, currently produces more than 120 varieties of flour and bake mixtures, meeting the demands of a wide customer base, from home bakers to professional and industrial bakeries.

“Our company's development strategy has always been outward looking,” said Nikolaos Loulis, chairman and executive director of Loulis Mills. “The EBRD’s engagement is recognition of the strength of our company and the potential to grow.”

The EBRD said it started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. The EBRD’s priorities are strengthening private companies and the financial sector, support for privatization, infrastructure development and regional integration of the Greek economy.
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