The loan is guaranteed by lender EximBank, within the COVID 19 state aid scheme.
Over the years, Bravcod group of firms has developed an integrated business which include five farms, a slaughterhouse and a network of almost 100 franchises which distribute the Penes products.
The company also supplies raw materials to the leading cold cuts producers in Romania such as Aldis, Cristim and Caroli. Nearly 30% of the Group’s production is exported to European Union countries.
In 2018, Bravcod acquired turkey meat producer Galli Gallo, present on the market with the Penes Curcanul brand, for EUR20 million, per data provided at that time by insolvency practitioner Casa de Insolventa Transilvania (CITR) – the legal administrator of Galli Gallo. Galli Gallo is a business founded by Catalin Muntean, former mayor of the town of Coldea in Brasov County.
Galli Gallo, together with two other companies in the group – Avicola Codlea & Partenerii SRL and Broilerom SRL – entered insolvency procedures in September 2013.
Bravcod had a turnover of RON153 million in 2020, down 14.7% from 2019, per finance ministry data.