Refresco, a Dutch drinks group, has recently acquired Spanish plant-based beverage maker Frías Nutrición from its private-equity owner. The financial details of the deal were not disclosed.
Frías Nutrición specializes in producing private-label plant-based drinks such as almond, rice, hazelnut, and soy drinks for various Spanish retailers. With a production facility based in Burgos, Spain, the company employs approximately 250 individuals.
The acquisition was driven by Refresco’s goal to expand its plant-based portfolio, especially after the recent establishment of a plant-based production line in Calvörde, Germany. This move marks Refresco’s entry into the oat drinks category.
Refresco CEO Hans Roelofs expressed, “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, along with the Frías family, facilitated the sale, having initiated a major investment plan that led to the establishment of one of Europe’s most modern and efficient plant-based drinks factories.
Upon completion of the deal, Refresco assured that the Frías employees are essential to their operations. Refresco anticipates minimal redundancy due to limited overlap in capabilities, foreseeing expanded growth and career opportunities instead.
The transaction is set to be finalized later this year. In a parallel move, Refresco acquired US-based VBC Bottling Company in April, while in December, PepsiCo announced plans to end its contract with Refresco for bottling in Germany. Additionally, Refresco announced the closure of a production plant in France in response to financial losses.
Looking ahead, in 2022, US-based private equity firm KKR agreed to acquire majority control of Refresco. The developments underscore the evolving landscape of the food and beverage industry, with a focus on innovation and strategic partnerships.
