Spanish dairy group Capsa Food has successfully acquired an additional 20% stake in local cheese maker Innolact, thereby becoming its majority shareholder.
While the exact financial details of this transaction remain undisclosed, it is noteworthy that this acquisition builds upon Capsa’s initial investment in July, during which the company acquired a 40% stake in the Galicia-based cheese maker. At that time, the founding partners retained the remaining 60% stake.
Despite this change in ownership structure, Innolact, known for its Quescrem brand, will continue to operate under its current management team led by co-founder Sergio Martínez, as reported by Spanish daily La Voz de Galicia.
On April 10, in a LinkedIn post, Capsa emphasized that this transaction represents “one more step in our strategy of growth and strengthening in the sector to boost our cheese business.”
Founded in 2006 as a spin-off from the University of Santiago de Compostela, Innolact serves 45 countries across five continents, supplying cream cheese, mascarpone, and other dairy products.
In 2023, Innolact achieved a turnover of €25 million ($27.2 million). For context, Capsa reported a revenue of €895 million in 2022, marking an 18% increase from the previous year. However, net profit saw a significant drop of 73% to €5.1 million, a decline attributed to inflation-linked increases in ingredient costs and the ongoing war in Ukraine.
Capsa’s enhanced investment in Innolact aligns with the Asturias-based company’s ambitious goal of reaching “€1 billion in annual turnover.” At present, the Spanish dairy group employs over 1,400 individuals across its eight production facilities throughout Spain.
In January of last year, Capsa took full ownership of Lácteas Flor de Burgos, following an initial 50% acquisition in 2020.
The remaining stake was obtained from Lactan Holding Group for an undisclosed amount, granting Capsa Food control over a seventh factory located in Burgos, Castilla Leon.
