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Refresco, the independent drinks bottler, has announced that it has entered into an agreement to acquire Frias Nutrition, a leading manufacturer of plant-based drinks and meat substitutes, from Alantra Private Equity and the founding family.
Frias, which employs around 250 people, is described as a manufacturer of oat, almond and soy drinks, as well as broths, creams and tofu for major European retailers, and has a production facility located in Burgos, Spain.
Commenting on the deal, Refresco CEO Hans Roelofs said: “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”.
Alantra Private Equity partner Bruno Delgado-Luque 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 transaction is expected to close later this year, subject to regulatory approvals. Financial terms were not disclosed.
Source: Refresco / Alantra
