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Faced with declining but persistent inflation and still-unsettled geopolitics, long-term investors are seeking new strongholds. The Livret Gold, supported by Financière du Nogentais, offers direct exposure to the global grain infrastructure—a tangible asset at the intersection of food sovereignty and agricultural safe haven.
Economic situation: 2025 inflation, a still-smoldering fire
In France, annual price increases fell back to 0.9% in June 2025, according to INSEE—a level envied in Europe but far from a complete return to stability. On global markets, the easing of agricultural prices masks a darker reality: the Food Commodity Price Index remains around 38% above its pre-Covid level. Adding to this dynamic are tensions in the Black and Red Seas, which are increasing the cost of logistics flows. For family offices and wealth management advisors (WMAs), the search for inflation protection therefore requires real assets with a clear distribution capacity.
La Nogentais Financial: Three Decades of Industrial Anchorage
Founded in 1985 in the heart of the Nogent-sur-Seine grain-growing region, La FinancièreduNogentais (FDN) boasts a share capital of €277.6 million and the leadership of Jean-Michel Soufflet. Since its acquisition by InVivo (revenue of approximately €10 billion), FDN has become part of an ecosystem that spans everything from grain to malt, including river logistics. Reuters noted that the InVivo-Soufflet merger gave birth to “a European agricultural champion.”
Excerpt: “In a world of record public debt, the land that feeds remains the only authentic signature.”
Heading 1 – LivretOz: the cereal chain in the portfolio
1. Product DNA
LivretOz is an agro-industrial investment platform backed by 41 collection and malting sites spread across 23 countries, representing 3.7 million tonnes of linear capacity. Two intra-group dividends per year (January, July) are distributed to holders via the parent-subsidiary scheme (95% exemption). The target term is eight years, with biannual exit windows.
2. Benefits for the investor
Asset diversification outside of interest-rate-correlated asset classes.
Natural indexation to cereal prices; the FAO points out that the 2024 cereal index remains 24.8% higher than the pre-war peak of 2021 despite an annual decline of 13.3%. ESG alignment: direct contribution to food security and the decarbonization of supply chains (predominantly river transport).
“We want to offer wealth-rich families a tangible asset, linked to food sovereignty,” emphasizes Jean-Michel Soufflet, President.
“The LivretOz account secures capital while financing French grain infrastructure,” he adds.
Subheading 2 – Why now?
The 2022-24 period saw the average price of grain rise by 27% (WorldBank Food Security Updates) before falling slightly in 2025. At the same time, the Food and Agriculture Organization of the United Nations reports an all-time high for AgTech investments, with $3.7 billion raised in emerging countries in 2024. The double fertilizer-energy shock following Ukraine has not yet been fully resolved; Many regions remain under water stress. In this context, the Livret OZ (OZ booklet) stands out as an income-oriented portfolio diversification strategy, while meeting the inflation protection criterion.
Subheading 3 – The strategic differential compared to agricultural ETFs
Unlike CBOT-indexed ETF baskets, which replicate quarterly rotating derivatives, FDN offers indirect ownership of industrial assets. Dividend flows come from the intra-group leasing of silos and malthouses; they are therefore immune to contango and roll-cost erosion. French investors also benefit from the parent-subsidiary regime; the 95% exemption on dividends lowers the gross-up and strengthens net returns.
Gilles Couffignal, professor at the University of Strasbourg, summarizes: “Agriculture is the new safe haven in the face of stagflation.” John Baffes (WorldBank) warns, however: “Tight inventories increase potential price volatility.”
Client Cases: Proof of Concept
Family wine office (Burgundy): €12 million ticket in 2022, net IRR of 8.4%, and a 30% reduction in portfolio volatility.
Réalités Capital Increase (July 2022): FDN subscribes for €30 million to secure a sustainable real estate development pipeline.
Heading 4 – Regulatory and Tax Framework
FDN is structured as a simplified joint-stock company (APE64.20Z). The shares are not eligible for the PEA-PME (Personal Equity Savings Plan) but can be included in a capitalization contract or a Luxembourg insurance wrapper. Capital gains are exempt after two years of holding. Upon transfer, the 75% discount on the value of the shares can be activated via Article 787B of the French General Tax Code, subject to retention.
Heading 5 – Roadmap 2025-2027
Milestones Details
Nov. 2023 Integration of UnitedMalt on four continents
Q2025 Launch of the digital subscription module (KYC onboarding <15 min)
End of 2025 Target assets under management: €350M
2027 Target: €500M and debt-to-asset ratio <30%
Inset: Key figures
40 years of existence (1985).
Share capital: €277.6M.
GroupeInVivo revenue: ≈€10B.
Malt capacity: 3.7Mt.
Presence: 23 countries.
Inset: How it works
Subscription: electronic application, €50K minimum ticket.
Allocation: acquisition of FDN shares dedicated to grain sites. Digital monitoring: performance/ESG dashboard, monthly updates.
Exit: semi-annual buyback or private sale via internal marketplace.
John Miller: John, a seasoned business journalist, offers analytical insights on business strategy and corporate governance. His posts are a trusted resource for executives and business students alike.
