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The Belgian Frère family is now also part of Flora Food Group (FFG), Unilever’s former margarine division, now sold to American KKR. The GBL holding will invest 250 million euro and obtain a 3.7 % stake.
250 million euro
American KKR offered to buy Flora Good Group, known for Becel and ProActiv, for 6.8 billion euro late last year. According to De Tijd, the GBL holding (which belongs to the Desmarais and Frère families) will now pay a part of that sum. Through its venture capital division, Sienna Capital, it will now invest 250 million euro into FFG. The Belgian company will now own 3.7 % of the margarine manufacturer.
American investment firm KKR will still be the majority shareholder of the margarine division it acquired for Unilever. Whether KKR and GBL will see a return on their investment, remains to be seen: margarine continues to lose out against real butter, which managed to boost its image over the past few years.
GBL is not deterred: backed by its investment choices of late, it clearly sees potential in the margarine business. The investment company, with an 11 % intrinsic value increase last year, received the full support of its shareholders last Tuesday.
