CMS advises EBRD on financing for food retail chain Varus Group
CMS has advised the European Bank for Reconstruction and Development (EBRD) on Ukrainian and English law aspects of a USD 25m senior loan to Varus Group, one of the leading food retail chains in Ukraine.
Varus Group operates 117 stores primarily in the Dnipro and Kyiv regions of Ukraine, with further limited presence in the Zaporizhzhia and Odesa regions. The financing is intended to support its sustainable expansion, enhance supply chain stability and ensure business continuity.
The EBRD’s financing effectively bridges a financing gap due to adverse market conditions resulting from the Russia-Ukraine war. The financing will help protect the livelihoods of Varus Group’s current employees, while also boosting employment opportunities and job quality for people with disabilities and other war affected groups.
Ihor Olekhov, Banking & Finance partner, comments: “As a long-standing client, and Ukraine’s largest institutional investor, we’re delighted to have advised EBRD on this financing. This important investment will contribute to the resilience of the Ukrainian private sector and will also help address risks to the vital local food supply.”
Rafał Zakrzewski, Banking & Finance partner, comments: “This is another great example of ongoing investment into Ukrainian businesses, and we’re very pleased to have supported EBRD on the English and Ukrainian law aspects of this financing. At CMS, our team has an extensive footprint across Central and Eastern Europe, and we remain well-placed to advise on complex infrastructure investments across the region, including in Ukraine.”
The CMS team was led by Ihor Olekhov and Rafał Zakrzewski and included Bohdan Ilchenko, Artem Lukyanov, Iryna Barlit and Liudmyla Stryzhak (Banking & Finance).
