Chocolate company Dolfin saves industry peer Galler from bankruptcy

The struggling Belgian chocolatier Galler is being acquired by its Nivelles-based counterpart Dolfin and a consortium of Walloon investors. However, as many as 70 of the 170 jobs will be lost.

Back in Belgian hands

Galler had run into serious financial trouble due to a series of setbacks, including the Covid crisis and the flooding of its factory in 2021. The company, which has been partly owned since 2018 by Al-Afia—the investment fund of the Qatari royal family—and by public investors, reported a net loss of 1.7 million euros on revenue of 32 million euros in 2024.

In February, Galler was granted protection from its creditors. Interim CEO Sébastien Desclée’s search for new financing appeared to be going slowly, but now the chocolate manufacturer is once again entirely in Belgian hands. The chocolate company Dolfin from Nivelles is taking over the company, together with the Walloon government investor Wallonie Entreprendre (WE), a group of private investors, and CEO Desclée. This was reported by the business newspaper L’Echo.

Galler will focus on producing chocolate for the supermarket channel, while Dolfin will remain active in specialty stores. This will allow both brands to operate side by side. The acquisition will, however, be accompanied by a restructuring that will result in the loss of 70 of the 170 jobs.