10 June 2014

Promo San Daniele: agreement reached with Brendolan

Maxi-transaction worth 14 million euros to defend the whole agroindustrial sector

Acceptance of the bid formulated by Promo San Daniele SpA – a company in which the Prosciutto di San Daniele Consortium and Finanziaria Regionale Friuli Venezia Giulia Friulia Spa a finance company of the Friuli Venezia GiuliaRegionboth have holdings – to take over all the stocks of San Daniele ham (PDO) owned by Brendolan Prosciutti SpA, a company currently being wound up and undergoing a procedure for composition with creditors managed by the Court of Vicenza, has completed the complex transaction designed and co-ordinated by the Prosciutto di San Daniele Consortium since the summer of 2013.

Brendolan Prosciutti SpA, one of the most important and oldest companies of the Friuli area ham-making industry has just been voluntarily wound up. Its production accounted for 12 % of all San Daniele ham making. For this reason, from the very beginning the Consortium – precisely in its capacity as the organisation safeguarding the San Daniele trademark – was involved in the procedure with the aim of making it easier for Brendolan, as a member of the Consortium, to dispose of its stocks at a fair price and, at the same time, of preserving the value and the image of San Daniele ham. The beneficial side effect of this effective and imposing action prevented the acknowledged difficulties experienced by the company from spreading to other companies in the same business.

Basically, the transaction was planned as a coordinated collective purchase of theBrendolan stocks through Promo San Daniele Spa. The initiative was managed by a single organisation, also from the promotional point of view, as the Consortium took care of suitable marketing activities in order to assist its Members in their efforts to sell these hams throughout 2014.

The project was possible thanks to the co-operation among the various parties whose involvement was sought by the Consortium. First and foremost, the Friuli-Venezia-Giulia Regional Council promoted relations among all the institutional bodies concerned; Friulia SpA contributed towards designing the financial aspects of the transaction and provided Promo San Daniele with the necessary assets. The three local banks, Banca di Cividale Spa, Banca Popolare Friuladria Spa and Cassa di Risparmio del Friuli Venezia Giulia Spa supported Promo San Daniele financially in order to enable the transaction. The certifying body INEQ - Istituto Nord Est Qualità took care of the qualitative selection and identification of the hams being purchased. Lastly, many ham-making members of the consortium entered into a commitment with Promo San Daniele to take over all the stocks in question.

This experience was definitely a landmark event in the history of the Consortium, which was able to channel the serious negative signals coming from a specific and important company, changing them and re-qualifying them as positive energy able to extend the San Daniele ham market and improving its solidity. From this point of view, also, the integrated and structural action enabled the ham-producing context to be protected in a broad sense”, mainly by ensuring stable employment levels and a concrete future for everyone working in the San Daniele production chain, even helping redundant workers to find new jobs.

The total value of the operation, which will be completed within the end of the current year, is highly significant. It is sufficient to think that the purchase price of the stocks alone approached 14 million euros.

Ultimately, this activity contributed towards strengthening a positive reciprocal and mutual approach of the companies belonging to the Consortium on this occasion featuring an extraordinary and critical situation that could have had an impact not only on the whole San Daniele PDO system but even on the other PDO ham production chains. This showed that this Friulian association was not only solid and reliable but also that it was capable of collective action of a structural and innovative nature able to support this whole agro-industrial sector.