Spain-based Idilia Foods has finalized a deal to acquire 50% of local dairy-drinks business Cacaolat from beer giant Damm. The acquisition, which was completed for an undisclosed amount, will result in Idilia and Damm “jointly managing” Cacaolat along with its brands, including Letona milk and Laccao chocolate milk.
The transaction is still pending approval from Spain’s National Markets and Competition Commission. Idilia Foods’ existing portfolio features popular brands like ColaCao, Paladin, Okey milkshakes, and Nocilla chocolate spread.
As part of the agreement, production of Cacaolat brands will continue at the company’s Catalonia plant in north-east Spain. Furthermore, the business will remain under the leadership of general director Josep Barbena, as highlighted in a joint statement from Idilia and Damm.
Cacaolat reported a turnover of €82m ($88.1m) in 2023, marking a growth of over 12% from the previous year. The business employed 225 staff members in 2023.
Founded in 1933, Cacaolat currently distributes its products in more than 30 countries. Idilia and Damm anticipate that the acquisition will facilitate the expansion of Cacaolat’s brands in both national and international markets.
This move follows beer giant Damm’s complete acquisition of Cacaolat in 2021 by purchasing the stake held by Cobega, its former partner in the business. In a separate development, Idilia recently divested its meat-free foods division, Obrador Sorribas, to Sanygran Foods, a Spanish plant-based foods company.
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