
Dutch beverage solutions provider Refresco has agreed to acquire plant-based drinks manufacturer Frías Nutrición from Alantra Private Equity and the founding family.
The financial terms of the acquisition were not disclosed.
Frías Nutrición, which is headquartered in Burgos, Spain, operates a drink manufacturing facility and employs around 250 individuals.
The company specialises in producing private-label plant-based beverages such as almond, rice, hazelnut, and soy drinks, catering to major Spanish retailers and markets beyond.
Frías also produces broths, creams, and tofu for key European retailers.
In 2019, Alantra Private Equity Fund III acquired Frías and implemented the latter’s growth strategy.
The strategy aimed to professionalise management and facilitate a transition away from the founding family.
Alantra Private Equity 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.”
Refresco provides an array of product and packaging options, ranging from juices to carbonated soft drinks and mineral waters available in cartons, PET, Aseptic PET, cans, and glass.
Based in Rotterdam, the beverage solutions provider employs over 14,500 people.
In 2022, global investment firm KKR acquired a majority stake in Refresco.
Refresco CEO Hans Roelofs said: “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 closing of the transaction is expected later this year, subject to regulatory approvals.