BELVEDERE FOUNDERS BUY BACK CONTROL OF COMPANY

Belvedere’s founders, president and ceo Jacques Rouvroy and Christophe Trylinski, will soon take back control of the company. They have reportedly struck a deal to pay more than $410 million to acquire CL Financial’s 62% stake in Belvedere. Under the terms of the agreement, the company’s founders, who previously held 22% of its capital, had to provide guarantees of payment by July 31. The transfer of CLF’s shares will take place by the end of September.

Rouvroy and Trylinski were able to make the payment with the help of several undisclosed European investors.

CLF reps have now resigned from the board, leaving the founders in control once again.