Bottling giant Refresco has agreed to acquire plant-based drinks maker Frías Nutrición from Alantra Private Equity and the founding family for an undisclosed sum.
Spain-headquartered Frías produces private-label plant-based drinks, including almond, rice, hazelnut and soy varieties for Spanish retailers. It employs about 250 staff at its factory in Burgos.
“As part of our proven buy & build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories,” said Refresco CEO Hans Roelofs.
“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.”
He added the deal also expanded Refresco’s service offering to retailers and branded customers across Europe, and accelerated product innovation capabilities in the plant-based category.
Alantra partner Bruno Delgado-Luque said: “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 Frías has a bright future ahead and will continue its successful growth with the support of Refresco.”
Founded in 1999, Rotterdam-headquartered Refresco is one of the largest independent beverage contract manufacturers in the world, making own-label juices and soft drinks for retailers and household brands.
It covers most of Europe and North America through its network of bottling, warehousing, logistics and other operational assets, and its production platform includes more than 70 majority-owned factories.
The transaction is subject to regulatory approval.
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