Consumer goods & services
France FR

Scope of intervention

Sycomore Corporate Finance advised MOM Group and its management

Date of closing

December 2016
Bel Group and MOM’s management team completed the acquisition of the MOM Group from LBO France. Bel is now MOM’s majority shareholder, holding 65% of ordinary shares, while MOM’s management team holds the remaining 35%. Michel Larroche will continue in his role as MOM’s CEO.

The MOM Group, majority owned by LBO France since 2010, has achieved unrivaled business growth in France and the United States. While building on its historical Materne® and Mont Blanc® brands sold in France, the MOM Group created the fruit squeezers category and developed strong leadership positions with its Pom’Potes® brand in France and its GoGo squeeZ® brand in the United States.

The transaction will be financed by Bel’s own financial resources and a €500m debt issue. The Bel Group’s financial position will remain strong upon completion of that operation.

A liquidity agreement will allow Bel to acquire 100% of MOM’s share capital by April 2022.


  • Creation of a major global player in the healthy snacks segment
  • Acceleration of Group MOM international growth supported by Bel’s international presence (130 countries
  • Harness the complementarity of their product ranges, territories and industrial knowhow to establish an international leadership

MOM Group at a glance

Created in 2006 through the combination of two specialists in fruit and dairy processing, Materne and Mont Blanc. MOM Group is a France-based company which offers healthy natural fruit snacks and quality dairy products in convenient pouches and other packages.
MOM operates in France and the US through the Materne, Mont Blanc, Pom’Potes and GoGosqueeZ brands. Over the past five years, the business has doubled in size and in 2015 the group generated sales of €362m. MOM employs 1,300 people across four production sites – two in France and two in the US.

Fromgeries Bel at a glance

Founded in 1922, Fromageries Bel (Euronext Paris: FBEL) is an international family-owned business led by the fifth generation of family managers. Its business model has traditionally focused on cheese and the Group is a global leader in individual cheese portions.
Based on strong and innovative brands (25 international and local brands sold in close to 130 countries), the Group is positioned as a major global player in healthy snacks segment.
Its growth is driven by the strength of its core brands (The Laughing Cow, Kiri, Mini Babybel, Leerdammer and Boursin) which are market leaders.
The Company employs almost 12,000 people located in 33 countries and at 30 production sites. Fromageries Bel generated revenues of approximately €2.9bn in 2016.