A Belgium-based investment fund has taken a “substantial minority stake” in Alpro owner Vandemoortele, just-food can reveal.

The Gimv-XL fund plans to invest EUR75m (US$99.6m), in the Belgian food group to help the company invest in frozen bakery and lipids.

Vandemoortele is looking to focus on growing the two divisions and earlier this month announced plans to sell its soy foods business, which includes the Alpro brand.

A Gimv spokesman said the XL fund was “fully committed” to Vandemoortele’s plans. “They have decided to go further with the the B2B divisions and we are fully committed to the strategy that they have put down on paper,” the spokesman told just-food.

The investment means Vandemoortele can take time to consider any offers that come in for the soy foods business, the spokesman claimed.

“It gives [Vandemoortele] a bit more breathing room. They can take more time on every possible offer they have for Alpro,” he said.

Officials at Vandemoortele could not be reached for immediate comment. Last month, the company told just-food it had secured a number of offers for the soy food business and hoped to secure a sale this summer.

The Gimv-XL fund is a new vehicle for European investment company Gimv, which invests in firms in the Benelux region, France, Germany and Russia.