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11 Nov 2025

Law Firms Advising High Quality Food and Proposta Terza on €5 Million Convertible Loan and Shared Industrial Plan

"Maviglia & Partners and Studio Carpineti–Cusmai advised High Quality Food, while LCA Studio Legale advised Proposta Terza (Andrea Benetton). The parties agreed a €5m, 10‑year convertible bond at 0.5% with conversion at €2.09/share; HQF will pursue a shared industrial plan including purchases up to €4m/year by 2029 and investments in real estate, energy efficiency and brand positioning."

Maviglia & Partners Studio Legale Associato and Studio Carpineti – Cusmai acted for High Quality Food, while LCA Studio Legale advised investor Proposta Terza. High Quality Food (HQF), listed on Euronext Growth Milan and active in the high-end agri‑food sector, signed an investment agreement with Proposta Terza, the holding linked to Andrea Benetton, for the issuance of a convertible bond (prestito obbligazionario convertibile, POC) worth €5 million and for the definition of a shared industrial plan. The operation has a ten-year term and carries an annual interest rate of 0.5%. The bond may be converted, in whole or in part, into newly issued HQF shares at a conversion price of €2.09 per share. Repayment may begin from the sixth year. The transaction is subject to approval by an extraordinary shareholders' meeting, which will deliberate a capital increase to service potential conversion. The agreement marks the start of a strategic partnership between HQF and Cirio Agricola, a company controlled by Proposta Terza and active in the production of high-end dairy products under the Fagianeria brand. The industrial plan envisages a progressive purchasing commitment by HQF of up to €4 million per year by 2029, aimed at strengthening an integrated and sustainable Italian agri‑food supply chain. Proceeds from the POC will be allocated to real estate and industrial investments, including the purchase and refurbishment of two properties in Rome and Milan, as well as to energy efficiency projects, communication and brand positioning initiatives designed to consolidate HQF's presence on domestic and international markets. Maviglia & Partners Studio Legale Associato represented client High Quality Food with a team composed by: Roberto Maviglia. Studio Carpineti – Cusmai represented client High Quality Food with a team composed by: Raffaele Cusmai. LCA Studio Legale represented client Proposta Terza with a team composed by: counsel Elisabetta Randazzo and associates Valerio Navarra and Ludovico Bonacina.
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