Credit Agricole invests in Damman Freres teas from Illy’s Polo del Gusto
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The Credit Agricole group invests in the Illy family’s Polo del gusto. Through the Ambition Agri Agro Investissement fund launched by Idia Capital Investissement, the French group will place a variable chip between 5 and 45 million euros for an accompanying period of 5 to 10 years. The investment will support the development plans of Dammann Frères, the French tea house which is part of Polo del Gusto (illy group), which is about to transfer production to the new plant.
«The objective of the Polo del Gusto, which brings together brands of excellence in the food and beverage sector, is to make its companies grow by accompanying them towards ever higher quality and sustainability standards – said the president of the holding, Riccardo Illy -. The participation of Crédit Agricole as a new financial partner is an important step towards a new phase of development of Dammann and the group, which reinforces our mission to grow a cluster of excellent companies in the agri-food sector”.
Founded in 1925, Dammann Frères annually produces more than a thousand tons of tea, corresponding to more than 140 million tea bags a year, and in 2022 had a turnover of 40 million euros. Idia Capital Investissement is the division of the Crédit Agricole group specialized in supporting medium-sized companies, especially in the agri-food sector, and manages funds for 2.2 billion euro.
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