Family firm Guattari has sold its cereal bar business, Balarama, to  a new holding company, Trixaim, for an undisclosed sum.
Balarama, which also known under the Laboratoires Elysée name,  has a turnover of EUR6.4m (US$8.2m) and claims to be European leader in the market for organic diet bars. Its main customers include sports goods retailer Décathlon and Carrefour.
Trixaim, whose shareholders include an investment fund of French state bank, CDC, is planning to build a group specialising in nutritional products for conditions such as obesity as well as supplements for athletes.
The new owners have also earmarked an investment of EUR1m in upgrading production facilities at Balarama’s plant in central France and are also aiming to raise the share of total sales accounted for by exports from around 25% currently to 80% over the next five years.