A €20m senior unsecured loan (out of which €10m committed) to Sarantis under DFF non-SMEs (the "Loan").
The proceeds of the EBRD Loan will be dedicated to (i) finance expenditures related to acquisitions of new brand by Sarantis and (ii) support R&D expenditures of the Group for improvement of existing products and design of new ones(the "Project").
ETI score: 60
The Project will support:
- Primarily the development of new products through increased R&D spending under the "Competitive" quality and
- Expansion in new countries that currently have no sales under the "Integrated" quality.
GR SARANTIS SA
Sarantis S.A. ("Sarantis", the "Company" or the "Group"), domiciled in Greece, is active in the production and distribution of Mass Market Cosmetics, Household and other Health & Care products in Greece and primarily in Europe either through its wholly owned subsidiaries or through exports. The Company distributes its products across Europe through its subsidiaries in Romania, Bosnia & Herzegovina, Serbia, Bulgaria, Czech Republic, Poland, Slovakia, Russia, Hungary, Portugal, North Macedonia and Ukraine. Since 2002, the Company has a joint venture with Estee Lauder Group of Companies for the exclusive distribution of Estee Lauder Group brands in Greece, Romania, Bulgaria, Cyprus and Moldavia.
EBRD Finance Summary
Total Project Cost
EBRD offers financing with a longer tenor than the one available for Greek corporates, to secure a sufficient long financing time-frame which is in-line with the Company's international expansion plan.
Environmental and Social Summary
Categorised B (ESP 2019) medium to low risk due to sector and nature of operations and use of both chemicals and plastic packaging. The Bank financed the Company in 2018 and to-date the Company has been implementing the existing ESAP and providing satisfactory annual reporting.
Environmental and Social (E&S) due diligence have been undertaken in-house by ESD staff and included a review of existing documents and confirmation of compliance with the existing ESAP and EU requirements. A site visit will be undertaken in the future as part of monitoring. The Bank has financed Sarantis in Greece and its acquisition of Ergopack in Ukraine and the ESDD carried out at that time (2018) confirmed that the Company has the institutional capacity to fully implement the Bank's PRs.
The current ESDD confirmed that the Company is compliant with National and EU legislation and continues to maintain its institutional capacity to implement the Bank's Performance Requirements (PRs). The Company has a dedicated EHS manager and has been providing non-financial disclosure and reporting in form of CSR reports. The production plants are not located in sensitive areas, such as N2000 areas. The ESDD confirmed also that the Company has been addressing health and Safety issue and labour management in line with the Bank's PRs and no retrenchment has taken place or is planned in the near future.
Based on the ESDD, the existing ESAP has been updated and is being agreed with the Company. This includes the need for continued implementation of the SEP; compliance with EU environmental standards; and long term energy efficiency and circular economy requirements. The Company will continue to further develop its ESG reporting in line with best practices.
The Bank will monitor the implementation of the Project through review of annual reports provided by the Company.
Technical Cooperation and Grant Financing
Company Contact Information
IR Manager of Sarantis Group, Eleni Pappa
+30 210 6173000
+30 210 6197081
26, Amaroussiou - Halandriou Street, Athens, Greece
PSD last updated
12 Apr 2021
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Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
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