BEL AND LACTALIS ENTER EXCLUSIVE TALKS TO SELL LEERDAMMER® AND RELATED RIGHTS
- Bel and Lactalis begin exclusive negotiations having signed an Unilateral Promise to Purchase a business, on March 18, 2021, including Royal Bel Leerdammer NL, Bel Italia, Bel Deutschland, Leerdammer and all related rights, and Bel Shostka Ukraine, in return for Lactalis’s 1,591,472 Bel shareholding (23.16% Bel equity stake).
- Dairy products world no. 1 Lactalis acquires iconic European cheese brand Leerdammer, which has best-in-class strengths including a great reputation, a broad product range and world-class production facilities. Leerdammer fits perfectly into Lactalis’s strategic priorities founded on top class product development and local food.
- Bel, a market leading cheese brand owner and major player in healthy snacking, ramps up rollout of its strategic roadmap with a view to boosting growth of its three complementary market segments – dairy, fruits and plant-based. Via this deal, Bel reaffirms its independent family business model that has underpinned its corporate culture and success ever since it was founded nearly 150 years ago.
Bel Group and Lactalis Group today announced they have begun exclusive negotiations having signed a unilateral promise to purchase a business, including Royal Bel Leerdammer NL, Bel Italia, Bel Deutschland, the Leerdammer brand and all related rights plus Bel Shostka Ukraine, from Lactalis. Sicopa, a wholly-owned Bel subsidiary, will transfer said assets to Lactalis in return for 1,591,472 Bel shares (23.16% equity stake) held by Lactalis. Following the transaction, Lactalis will hold a 0.90% stake in Bel. As of December 31, 2020, Leerdammer and Bel Shostka Ukraine revenues were approximately €500 million, of which €350 million Leerdammer revenues, while operating earnings were approximately €25 million.