Example of acquisition finance

Emmi Group: Syndicated loan

The Lucerne-based Emmi group is to take over the cheese business of Swiss Dairy Food backdated to 1 October. The acquisition involves Gerberkäse AG which is active in the processed cheese sector as well as nine different wholesale and production companies for Emmentaler, Gruyère, Appenzeller, Tête de Moine and other Swiss cheeses. The business generates sales of CHF 340 million. The 350 employees will be taken on by the Emmi group with immediate effect. This major acquisition enables Emmi to consolidate its core expertise in the cheese sector and to extend its leading position for Swiss cheese both in Switzerland and abroad. The cheese sales will increase in 2003 to CHF 920 million, with forecast consolidated group sales of CHF 1.670 billion.