The Belgian investor Verlinvest is expanding its stake in the sustainable chocolate company Tony’s Chocolonely. If the cartel watchdog ACM approves, the Belgians will gain a convincing majority stake with a follow-up investment of 20 million euros.
Verlinvest is the investment vehicle of the Belgian billionaire family De Spoelberch, which earned its wealth as the founder of one of the predecessors of the world’s largest beer brewer, AB InBev. Through Verlinvest, the family invests part of their wealth in other companies, notably in trendy beverage and food brands (see bottom box).
Belgian Investors
In early 2020, Verlinvest took its initial stake in Tony’s Chocolonely, the company founded in 2005 to combat exploitation and child labor in the cocoa market. The Belgians initially acquired 25 percent of the shares, representing almost 30 percent of the voting rights.
At that time, the chocolate company stated that the ‘main reason’ for bringing in new investors was to finance Tony’s Chocolate Circus, the chocolate factory with a visitor center and roller coaster planned by the then-director/owner Henk Jan Beltman.
However, in late 2021, a significant setback occurred to that ‘crucial part of our strategy’ after the chocolate company reported a multi-million-euro loss earlier that year.
Firmer Grip
Not long after, in February 2022, the Belgian investors strengthened their hold on Tony’s Chocolonely by acquiring a significant portion of Beltman’s shares. As a result, his shareholding dropped from 44 to almost 27 percent, and his voting rights from 51 to 31 percent.
Verlinvest’s stake increased from 25 percent to 43 percent due to this transaction, and the voting rights of the Belgians rose from 30 to almost 51 percent. Beltman subsequently stepped down as director.
Convincing Majority
Now, the Belgian investors are taking the third step, gaining not only the broader majority of voting rights (64 percent) but also a convincing majority of all shares (56 percent).
This solidifies the Belgians’ control over Tony’s even further. The approval of the cartel watchdog ACM is still pending for the transaction.
Fresh Millions
With a new capital injection, Verlinvest, along with the founders of the juice brand Innocent, is investing an amount of 20 million euros in Tony’s Chocolonely. According to an external spokesperson, this amount is entirely going to the company and will not be used to buy the shares of Beltman and some other shareholders. The company does not disclose the source of this money or the amount involved.
The fresh millions are much needed for the chocolate company. Although the revenue has grown rapidly in recent years, there has been little left at the bottom line. Over the past three years, there were two instances of negligible profits and one significant loss