April 11 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has approved an 11 million euro ($11.9 million) loan to support investment company Integral Venture Partners' expansion project for O'Fresh, a Romanian subsidiary and provider of vending, office coffee, and clean water services to business clients
IVP Fund I, run by Integral Venture Partners, recently acquired a majority stake in the Romanian vending company, EBRD said in a statement on Friday.
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Integral will receive the loan in two tranches, of 6 million euro and 5 million euro respectively, through its subsidiary New Europe Vending, which was established in order to facilitate the acquisition of O'Fresh.
By accessing the loan, IVP Fund I and O'Fresh undertake that the Romanian vending services company will be equipped with new vending machines that have an improved EU energy label classification of C or above, for achieving higher energy efficiency.
The loan will also help IVP scale the O'Fresh business through increased market outreach. The total cost of Integral's planned expansion project for the Romanian vending company is 19.64 million euro.
Integral Venture Partners announced the agreement for the purchase of a majority stake in O'Fresh in September 2023.
In 2022, Integral Venture Partners became the largest shareholder in Bulgarian vending machine services company Breaktime following an investment of 5 million euro.
Integral Venture Partners is an independently owned private equity and growth capital investments company focused on the central and southeastern Europe region, operating out of hubs in London, Budapest, and Belgrade, according to its website.
Established in 2008, O'Fresh is a Romanian provider of vending services (snacks and drinks), office coffee solutions (OCS), and point of use bottle-free clean water services (POU bottle-free water coolers).
($=0.9206 euro)