Bank of Ireland has joined a four-bank syndicate that will provide Manor Farm Chickens owner Scandi Standard plc with an approximate eqv. €280m sustainability linked loan facility to finance its future sustainable growth.
Swedish Stock Exchange-listed Scandi Standard plc is one of the leading producers of chilled, frozen and ready-to-eat chicken products in the Nordic countries and Ireland.
The new five-year syndicated sustainability-linked loan will refinance Scandi’s existing financing and power its ambitions for organic and strategic growth.
“Ireland has been a core market for Scandi Standard for many years and I am confident that the cooperation with Bank of Ireland will help strengthen our position further”
The loan facilities are sustainability-linked that will align with Scandi Group’s net zero pathway, animal welfare and employee health and safety.
Strong support
“We are delighted to participate in Scandi Standard’s new sustainability linked syndicate facilities which also further deepens our longstanding partnership with its market leading core Irish business Manor Farm,” said Daniel Leddy, Associate Director for Food & Agri at Bank of Ireland Corporate & Commercial Banking.
“Bank of Ireland has a longstanding track record in supporting Irish food and agriculture businesses with impressive global footprints. We look forward to working with Scandi and its management team in supporting their ambitious growth strategy and sustainability journey to a Net Zero pathway.”
Scandi Standard was established in June 2013 via the merger of longstanding Swedish brand Kronfågel and Danish brand Danpo. Since then the Group has expanded via bolt on acquisitions across the Nordics and Ireland and today is the dominant producer in these regions employing more than 3,000 staff.
Scandi Group includes the market leading Irish chicken processor Manor Farm which was established in 1775 and are a key supplier of Bord Bia-certified chicken produce to the Irish consumer.
Supporting over 180 farmers in Ireland in the value chain, Manor Farm employs over 800 staff primarily based out of its established facility in Shercock, Cavan. The financing package aligns closely to the Bank’s ESG strategy supporting sustainable food production with chicken processing considerably less intensive to process than other animal proteins.
“We are very pleased by the strong support from our new bank group, which now also includes of Bank of Ireland,” said Jonas Tunestål, CEO of Scandi Standard.
“Ireland has been a core market for Scandi Standard for many years and I am confident that the cooperation with Bank of Ireland will help strengthen our position further. The new five-year financing provides us with the necessary financial flexibility to realise the organic potential set forth in our financial targets and to take an active part as a consolidator in existing and new markets.”
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