FRANCE: Company founders take control of Belvédère
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.
Marie Brizard is set to move its headquarters, according to reports....
Belvédère is poised to sell non-strategic assets totalling more than EUR100m (US$147.8m) this year in a bid to reduce debt levels....
Belvedere has posted a healthy lift in sales for the first nine months of this year, as Polish reports have claimed the company has acquired a local alcohol distributor....
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