Belgian investment fund increases stake in Tony’s Chocolonely

Belgian investment fund Verlinvest, which is already Tony’s Chocolonely’s largest shareholder today, is increasing its control over the Dutch manufacturer of slave-free chocolate.

“Sole control”

Verlinvest wants “sole control” of Tony’s Chocolonely, according to a notice issued by the Dutch Consumer and Market Authority (ACM). The two companies requested approval for the acquisition on 9 June. Last year, it acquired part of the shares from co-founder Henk Jan Beltman, who still holds 26 % of the shares. There are also some smaller shareholders, including employees and smoothie producer Innocent Drinks.

20 million euros more

In a press release, Tony’s Chocolonely has now clarified some financial details. The company is raising twenty million euros from existing shareholders, in order to accelerate international growth and expand Tony’s Open Chain.

After the transaction, Verlinvest will hold 55.9 % of the shares, and 64.2 % of the voting shares. JamJar, the investment company of the former founders of innocent drinks, increases its stake to 4.9 %. The stake of Genuine Chocolate, the holding company of former CEO Henk Jan Beltman, drops to 21.3 %.

Mission guaranteed

Verlinvest is the investment vehicle of the Belgian noble family De Spoelberch, also major shareholders in beer giant AB InBev. The fund also invests in other well-known consumer brands and retail companies, including Oatly, Mutti, Vita Coco, Remy Cointreau, Tom & Co, Marqt and G-Star.

Just last week, RetailDetail published an interview with Tony’s Chocolonely top executive Douglas Lamont, who came over from at Innocent six months ago. In that interview, he talks more about “Tony’s Mission Lock”, a legal mechanism to guarantee the company’s mission in perpetuity, regardless of shareholder structure

(This article was updated on 16 June, with more details from Tony’s Chocolonely’s press release.)