French company Bel Group and the founders of All in Foods have signed an agreement under which Bel will acquire All in Foods, a French startup that produces the Nature & Moi brand.
Bel will become the majority shareholder with an 80% stake, while the All in Foods' founding family will own the remaining 20% interest.
The acquisition is in line with Bel's strategy unveiled in 2015 aimed at expanding the company's activities beyond cheese products to become a major player in the healthy snack market.
After acquiring Morocco-based Safilait, a dairy producer, and MOM, the maker of the Materne®, GoGo squeeZ and Montblanc brands, Bel confirmed its strategy to diversify its product offering through growth in dairy, fruit and plant-based products, three complementary food segments.
Bel will self-finance the acquisition. The financial details of the transaction will not be disclosed. A liquidity agreement will allow Bel to acquire 100% of All in Foods' share capital by 2024. The deal is expected to be completed at the latest by the end of May 2020.
Antoine Fievet, Chairman and Chief Executive Office of the Bel Group, said, "The Bel Group has enhanced its entry into the plant-based era and confirms its strong ambitions. We continue to diversify our product offering to meet new consumer expectations, and we are guided by our mission to champion healthier and responsible food for all. We believe in the excellence and potential that All in Foods has to offer, to meet the challenge for more sustainable food."
Bertrand Jouault, All in Foods' founder said, "The All In Foods story is one of passion and family. We share common values with the Bel Group and the belief that plant-based foods offer enormous possibilities for our food of tomorrow."
Bel products are prepared at 32 production sites and distributed in nearly 120 countries.