All agreed loans

Denmark. Royal Unibrew A/S

Date of agreement: 10 Dec 2018
Country: Denmark
Customer: Royal Unibrew A/S
Amount in DKK: DKK 500 million
Amount in EUR: EUR 66.98 million
Maturity: 7 years
NACE sector / loan type: Manufacture of food products and beverages


The loan has been provided to Royal Unibrew A/S (RU) to finance the acquisition of two European beverage companies: Terme di Crodo (Italy) and Etablissements Geyer Fréres (France).

Terme di Crodo’s LemonSoda is the Italian soft drink market leader in the citrus category. Etablissements Geyer Fréres focuses on locally produced craft lemonade.

The acquisitions were completed in 2018 and are a strategic fit for Royal Unibrew’s current business in Europe. The companies strengthen RU’s leading position in the beverage markets in selected markets.

Royal Unibrew A/S produces, markets, sells and distributes beverages with a focus on locally branded beer, malt beverages and soft drinks, as well as cider and long drinks. The company’s main markets are Denmark, Finland, Italy, Germany and the Baltic countries. Further, RU is active in established markets in the Americas and in a number of emerging markets.

Fulfilment of NIB's mandate


Terme di Crodo: The acquisition of Terme di Cordo (TdC) broadens RU’s product portfolio in Italy. RU is already present in the Italian market, mainly through the beer brand Ceres. The Italian beer market is supplied by exports from Danish breweries, whereas the soft drinks market will now be supplied by TdC’s production facilities in Italy. Further, the acquisition will create certain synergies for external logistics and commercial activities. For instance, existing routes used for the delivery of beer will also be used for the distribution of soft drinks.

Etablissements Geyer Fréres: Although RU is producing its own soft drinks, the acquired French company offers sparkling beverages and craft lemonade in a more premium segment, which are a new addition to Royal Unibrew’s portfolio. Secondly, the acquisition gives RU access to new markets. The company estimates that synergy effects will be created due to more centralised procurement.


No environmental benefits or threats have been identified in any of the acquisition.

Sustainability summary

Royal Unibrew has conducted limited environmental due diligence and has concluded that the acquired companies have the relevant environmental permits in place and that no environmental liabilities are connected to their sites.

Press release

NIB finansierer Royal Unibrews europæiske ekspansion