Dairy Manufacturer


How to penetrate the Iranian market as part of a leading French dairy manufacturers expansion strategy into the Middle East.

JV funding:

  • How to import funds?
  • How to finance CAPEX?
  • Due diligence & market risk
  • Legal


  • Identified six potential joint venture partners
  • Conducted a ranking of the six
  • Advised, negotiated & closed the JV between Groupe Bel and Iranian dairy manufacturer
  • Obtained FIPPA license to protect importation of equity from political risk (expropriation and repatriation)
  • Cash contribution from Bel
  • Cash-in-kind (equipment) contribution from the Iranian side
  • Managed due diligence (audit and tax)
  • Performed market study on the white cheese
  • Conducted commercial due diligence
  • Drafted shareholders’ agreement
  • Structured call options, drag along rights
  • Negotiated & obtained board majority control for Bel