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 – which is 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 said its strategy is to diversify its product offering through growth in dairy, fruit and plant-based products.
Founded in 2013 by the Jouault family, All in Foods is a French startup based in Saint-Nazaire, in France’s Loire Atlantique region.
The company has developed a wide range of plant-based alternatives to cheese, available in slices, blocks, bloomy rind, grated, and spreads, as well as plant-based sauces, under the Nature & Moi brand.
Its products are sold primarily in hypermarkets and supermarkets, food service and B2B in France and internationally.
Bel said through the acquisition it has gained knowhow and a broad range of 100% plant-based products to enhance its existing product portfolio.
This will also help speed up the development of plant-based products across Bel’s entire brand portfolio, which includes The Laughing Cow, Kiri, Mini Babybel, Boursin, and others, by offering wholly plant-based alternatives, as well as products that combine both dairy and plant-based raw materials.
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 CEO 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.”