Bellon Family Prepares Next Generation for Global Catering Empire

According to Bloomberg, the Bellon family, worth $6.1 billion, is preparing the next generation to take over their 58-year-old global catering empire. The family's fortune is primarily derived from a nearly 43% stake in Paris-listed Sodexo, which has seen a 7.9% rise since the beginning of February. Sodexo's market capitalization stood at €15.4 billion ($16.7 billion) prior to the spinoff, and both companies combined are now worth about €400 million more than that. The family's ironclad control over both Sodexo and Pluxee through their holding company Bellon SA was reinforced by a 2015 loyalty share program. The rationale behind breaking up Sodexo was to unlock the value of Pluxee, according to the company. The family's holding company plans to play an active role in Pluxee, providing the executive chair and the chief financial officer, as well as furnishing advisory services. The family has been closely involved in the catering firm's operations since Pierre Bellon started a business in his native Marseille providing meals to employees of local companies. It has since expanded to schools, hospitals, and prisons, acquired competitors, and moved into facilities management and higher-end catering. Three of Pierre's four children started working for Sodexo in the mid-1990s. Sophie, the eldest, landed in the finance department after working in New York in fashion and as a banker. In 2011, Pierre convened a meeting of the four siblings, telling them he wanted one to succeed him as chairman but that it was up to them to choose which one. After a lengthy process involving a committee of independent directors, Sophie gained the upper hand, finally taking the role in 2016. The unity wished for by the founder has so far held under Sophie's leadership.