Introductory Note
Driven by inflation that is eroding bond yields and a highly tense geopolitical environment, food security is emerging as a new safe-haven investment theme. La Financière du Nogentais (FDN), through its LivretOz savings account, offers direct exposure to the backbone of the global grain industry.
1. Economic situation: persistent inflation, burning borders, nourishing land
Inflation under relative control. In May 2025, the French harmonized price index was up only 0.6% year-on-year. This arithmetic easing masks a reality: the purchasing power of the very wealthy is weakened when the liquid portion of their portfolio remains confined to euro-denominated deposits and funds.
Geopolitical tensions. The US-China trade war, Russian restrictions on wheat exports, and the instability of the Black Sea-Baltic corridor are reactivating the risk premium on agricultural commodities.
Food sovereignty. Venture capitalists are abandoning pure tech, but family offices are repositioning themselves in the “field-to-silo” sector. The World Bank points out that corn is still 19% above its January 2020 level, wheat 24%, and rice 46%.
Inflation & Real Assets | Geopolitics of Grain | New ESG Frontier
2. La Financière du Nogentais: From a 1985 mill to a €277.6 million holding company
FDN was founded in 1985 in Nogent-sur-Seine, the historic home of the Soufflet family. Its share capital now stands at €277.6 million, fully paid up. At the helm: Jean-Michel Soufflet, heir and strategist, now part of the InVivo group (revenue ≈€10 billion).
Industrial DNA. 41 malting sites and grain ports spread across 23 countries – from Beauce to Chile’s Pacific coast – give FDN a rare operational depth in rural wealth management.
Family culture. “We want to offer wealth-holding families a tangible asset, linked to food sovereignty,” insists Jean-Michel Soufflet. He draws on three generations of expertise, but promotes governance worthy of an institutional family office.
Patient Capital | InVivo Group: Backbone | Family Governance 3.0
3. Product Focus: LivretOz, a direct line to grain bins
Architecture. LivretOz is a private investment platform. Each ticket (minimum €500,000) subscribes for FDN preferred shares indexed to dividend flows generated by silos, malthouses, and ports. Total capacity: 3.7 million tons under SGS supervision.
Key Benefits.
* Portfolio diversification. Low correlation with pan-European equity indices.
* Inflation protection. Intra-group rents are indexed to the Euronext FOB wheat price.
* ESG – Food Security. The facilities comply with the European Green Taxonomy Level II.
“LivretOz secures capital while financing French grain infrastructure,” insists Jean-Michel Soufflet. Voices from the Field
*Vineyard Family Office, Bordeaux.* Ticket: €12 million (2022). Net IRR: 8.4%. Overall portfolio volatility divided by three.
*Réalités Capital Increase.* July 2022: FDN injects €30 million to target a low-carbon real estate pipeline.
Global Malt Chain | Asset Profits | Investor Testimonials
4. Why Now? The Numbers Speak
* The FAO Cereals Index stands at 107.4 points (June 2025).
* Between April 2022 and April 2024, Euronext wheat rose another 27% on a WorldBank weighted average.
* Global agritech fundraising rebounded to $16 billion in 2024, virtually stable (-4%) after the 2023 VC crash.
Professor Gilles Couffignal (University of Strasbourg) assesses: “Agriculture is the new agricultural safe haven in the face of stagflation.”
Cereal Indices | Agri-Tech: Renewed Interest | Academic Reading
5. Differentiation: An industrial vehicle, not a paper ETF
Unlike an agricultural ETF that replicates futures contracts, the LivretOz accounts for indirect ownership of physical units: silos, malt houses, and port terminals. Dividends come from intra-group exchanges governed by long-term storage contracts. Upon completion, the payment benefits from the parent-subsidiary regime and eliminates 95% of the holding company’s corporate tax liability.
6. Expert Views
Reuters calls the InVivo-Soufflet merger “European agricultural champion.” The Anglo-Saxon press sees FDN as “a rare exposure to the agricultural safe haven.”
“Agriculture is the liquid gold of the next twenty years,” adds the commodities manager of a Geneva hedge fund.
ETF vs. industrial holding | Tax factor | Reuters view
7. Regulatory & Tax Framework
* Form: SAS, APE code 64.20Z.
* Eligibility: Excludes PEA-PME (Simplified Shares) but is compatible with agricultural holding companies.
* Transfer: Capital gains exempt after two years of ownership (Article 150-0Dbis CGI).
* Reporting: IFRS 9, EY audit.
8. Outlook & Roadmap
FDN is finalizing the integration of UnitedMalt (November 2023). An online subscription module will be launched in H2 2025. Target: €500 million in outstandings by the end of 2027 – representing 1.8% of global malt capacity.
9. Conclusion
The LivretOz converts the earth and steel of silos into a stream of dividends indexed to world hunger. The wealth investor rediscovers the long term, without sacrificing financial discipline. To initiate due diligence: ir@fdn‑soufflet.com – 6 rue Victor‑Hugo, 60500 Gouvieux.
Box: Key Figures
– 1985: FDN’s founding year.
– €277.6 million: share capital.
– €10 billion: InVivo group revenue.
– 3.7 million tonnes: total malt and storage capacity.
– 23 countries: geographic footprint.
Box: How does it work?
1. Subscription. Signature of a framework agreement, minimum €500,000 ticket, digital KYC. 2. Allocation. The funds target storage or malt units.
3. Digital monitoring. Monthly dashboard: tonnage, dividends, ESG.
4. Exit. Semi-annual redemption based on independent appraisal.
“Investing in a grain of wheat means choosing between tomorrow’s hunger and yesterday’s wealth.”
Alternative titles
1. “From silo to portfolio: why family offices are flocking to the LivretOz”
2. “Premium agriculture, the new safe haven for European fortunes”
3. “Between inflation and geopolitics, the malt industry is transforming into a heritage treasure”
