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How EFSI benefits SMEs in Europe - Vækstfonden case study: Midtfyns Bryghus (Denmark), Local brewery

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When Eddie Szweda decided to buy the small brewery Midtfyns Bryghus in 2006, he may have been confident, but probably did not imagine the success he would enjoy in expanding the company’s limited product line. Located in Brobyværk, a town on Denmark’s second largest island Funen, the microbrewery had, since its establishment in 2004, only produced two kinds of beer and the volume of sales was modest.

However, by bringing in a lot of experience in the beer and wine industry and a burning passion for quality brews, Eddie quickly turned things around. In the following years, Midtfyns Bryghus continuously introduced new special brews, received several international prizes and the brewery’s stout was elected the best in Europe.

The brewery’s newfound success inevitably led to a dramatic leap in demand. Midtfyns Bryghus did not have enough capacity and Eddie realised that he would need an important loan to move to new, 1100m2, modern premises and to finance new equipment in the form of spacious brew tanks and a malt-handling system. The high costs involved however were a problem, as banks needed security.

Eddie finally secured an EU-guaranteed loan, provided thanks to the Danish Growth Fund Vækstfonden and backed by EIF under the Investment Plan for Europe. This EU initiative that aims to generate new investments by facilitating access to finance for small and medium-sized enterprises across Europe has helped Eddie to support his company’s growth: “It would have been impossible for a small company in our industry to borrow the amount of money we needed from the bank. This loan has been vital in order to expand our production and keep pace with the demand. We now have the strength to enter new markets in the USA, Europe, Australia and New Zealand.”

Today, Midtfyns Bryghus produces 260 000 litres of beer every year and sells their liquid, Funen delicacies, to retailers and restaurants in Denmark, Sweden, Norway, Germany, Canada, Brazil and China. In the future, Eddie and his five employees plan to enter new markets across the globe.

Company: Midtfyns Bryghus (Denmark)

Type of business: Local brewery

EIF financing: COSME LGF, EFSI

Financial intermediary: Vækstfonden

For further information about EIF intermediaries in Poland, please refer to: http://www.eif.org/what_we_do/where/dk

 

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