Contract manufacturer Refresco has agreed to acquire plant-based drinks maker Frías Nutrición (Frías)from Alantra Private Equity and the founding family.
Frías operates a production facility in Burgos, Spain, employing around 250 people, the company noted.
The facility produces private-label plant-based drinks, including almond, rice, hazelnut, and soy drinks, for Spanish retailers.
Hans Roelofs, CEO of Refresco, commented, “As part of our proven Buy & Build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories. The acquisition of Frías significantly strengthens our position in the fast-growing plant-based drinks category.
“It complements our existing footprint in Spain with a production facility solely dedicated to plant-based products. In addition, acquiring Frías enables us to further expand our service offering to retailers and branded customers and retailers across Europe, accelerates our product innovation capabilities in the plant-based drinks category, and underscores our ability to capture opportunities in the market.”
The Transaction
The deal, subject to regulatory approval, is expected to close later this year.
Bruno Delgado-Luque, partner at Alantra Private Equity, added, “Since we acquired Frías in 2019, the company has been on a remarkable growth trajectory, confirming its leadership position in the Iberian Peninsula, and expanding its international business.
“Together with the Frías family, we launched a major investment plan that resulted in the creation of one of the most modern and efficient plant-based drinks factories in Europe. We are confident that Frías has a bright future ahead and will continue its successful growth with the support of Refresco.”
The companies have not disclosed the financial terms of the transaction.
