Buyout firm LBO France has recouped 60% of its investment in French snack company Materne-Mont Blanc through a dividend recapitalisation, a type of refinancing popular with private equity-owned companies before the financial crisis that has started to return on a “deal-by-deal” basis.

LBO France, which bought an approximately 90% stake in Materne-Mont Blanc for €180 million in 2010, said it has completed a €230 million refinancing of the business.