Salerno Pesca Raises €5M Debt for Growth

In a significant move to fuel its expansion, Italian seafood distributor Salerno Pesca has successfully closed a €5 million minibond issuance. The funding round saw participation from prominent financial institutions, including Cassa Depositi e Prestiti (CDP), Mediocredito Centrale (MCC), and Cherry Bank. This strategic debt financing underscores the growing confidence in the company's growth trajectory within the competitive European seafood market.

The five-year debt instrument, maturing in 2031, features a grace period of one year before principal repayment commences. Interest payments will be made semi-annually, with a variable rate structure designed to adapt to market conditions. This issuance marks Salerno Pesca's second foray into the bond market, following its participation in the 2020 'Garanzia Campania Bond' program, which also attracted investment from CDP and MCC. That earlier €1.5 million bond, with a 2.85% coupon, matures in October 2027.

Founded in Salerno in 2013, Salerno Pesca has established itself as a key player in the Italian seafood sector. The company operates an integrated value chain, encompassing fishing, logistics, processing, and distribution of fresh and frozen fish products both domestically and internationally. Controlled by Eid El Salah Dorgham (60%) and with stakes held by Alessia Budetta and Sara Dorgham (20% each), the firm reported robust financial performance in 2024, achieving net revenues of €41.5 million and an EBITDA of €4.4 million. Its net financial debt stood at €9.9 million at year-end.

The newly acquired capital is earmarked to support Salerno Pesca's ambitious industrial plan. Key objectives include enhancing production capacity, strengthening its international market presence, and exploring new geographical territories. This expansion is particularly relevant in a global seafood market projected to reach over $200 billion by 2027, driven by increasing demand for sustainable and high-quality protein sources.

Cherry Bank played a dual role in this transaction, acting not only as an investor but also as the arranger and placement agent. Andrea Florio, Head of Alternative Investments at Cherry Bank, highlighted the bank's commitment to facilitating access to alternative capital markets for businesses. He emphasized the efficiency of the financial structures deployed, which successfully attracted top-tier institutional investors like CDP and MCC, thereby accelerating Salerno Pesca's internationalization efforts.

This debt financing round is a testament to the resilience and growth potential of the Italian agri-food sector, particularly within specialized segments like seafood distribution. The involvement of national development institutions like CDP and MCC, alongside a specialized bank such as Cherry Bank, signals a supportive ecosystem for mid-sized enterprises aiming for significant scale-up and international reach.