Belvédère's founders, president and CEO Jacques Rouvroy and Christophe Trylinski, have levered more than EUR300m (US$410.2m) to acquire Caribbean conglomerate CL Financial's 62% stake in the French wine and spirits company.

Under the terms of an agreement signed with CL Financial last month, Belvédère's founders, who held just over 22% of its capital, needed to provide guarantees of payment by 31 July with the transfer of CL Financial's shares taking place by 30 September.

The two founders managed to rally institutional investors in several European countries to support but their identities have not been disclosed.

Belvédère, which controls Marie Brizard, said it expects the sale of its Pulco and Sirop Sport businesses to Orangina Group to go through by the end of month or early September subject to regulatory approval.