Bel acquires Mont Blanc Materne from LBO France

The transaction was financed by Bel's balance sheet and additional debt, and should be completed by the end of 2016. 

MOM's management team will remain invested in the group, retaining their existing minority stakes alongside majority shareholder Bel.

With LBO France's backing, MOM doubled in size over the six-year holding and grew from being an exclusively French group to being an international player, having expanded as far as the US.

Over the holding period, its turnover increased from €185m to its current €362m. While building on its historical Materne and Mont Blanc brands sold in France, the MOM group created the fruit squeezers category and developed the Pom'Potes and GoGo squeez brands in both France and the US.

An estimated €100bn was also invested in industrial equipment and materials, with two additional factories built in the US – one in Michigan and one in Idaho.

Previous funding
In 2003, Activa span out Mont Blanc from holding group Nestlé, which remained a minority shareholder alongside a new management team.

In 2005, Activa and the management team bought out Nestlé's minority stake in Mont Blanc, while simultaneously acquiring the Gloria brand from Nestlé. Finally in 2006, Activa took a majority stake in Materne, a fruit dessert company, and organised a merger between Mont Blanc and Materne to create MOM.

In 2010, LBO France acquired MOM from Activa for €190m with €90m of debt financing. LBO France provided €100m through its €1bn White Knight VIII fund. In April 2015, the group was refinanced with €230m of B-tranche senior debt.

Company
Based in Paris, MOM sells a range of snacks in France and the US, specialising in fruit-based desserts. The group owns four production sites – two in France and two in the US. It employs 1,300 people and reported sales of €362m for 2015.

With brands The Laughing Cow, Kiri, Mini Babybel, Leerdammer and Boursin, Bel group is specialised in single-serving cheese portions. It registered a €2.9bn turnover in 2015.

People
LBO France – Robert Daussun (president).

Advisers
Vendor – Mayer Brown (legal).
Acquirer – Messier Maris & Associés (M&A); Cleary Gottlieb (legal).
Company – Sycomore Corporate Finance (M&A); Opleo Avocats (legal).

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• Topics
• Exits
• France
• Consumer
• France
• LBO France
• Activa Capital
• Trade sale