Dutch retail and branded beverage supplier Refresco, with production facilities in Europe, North America and Australia, has reached an agreement to acquire the Burgos-based vegetable juice beverage company Frías Nutrición from Alantra Private Equity and the founding family.

Frías has a production plant for private label vegetable drinks in Burgos, and employs around 250 people. Among others, it produces almond, rice, hazelnut and soya drinks for major retailers in Spain and abroad, such as Mercadona and Carrefour.

Rapid growth
The Dutch company's managing director, Hans Roelofs, explained, "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 vegetable beverages category. It complements our current presence in Spain with a production plant devoted exclusively to vegetable products."

Regarding the market served by the Spanish company, Roelofs added, "In addition, the acquisition of Frias enables us to further expand our service offering to retailers, branded customers and retailers across Europe, accelerates our product innovation capabilities in the plant-based beverage category and underscores our ability to seize opportunities in the market."

Leadership position
Alantra Private Equity partner Bruno Delgado-Luque said, "Since we acquired Frias in 2019, the company has been on a remarkable growth trajectory, confirming its leading 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 vegetable beverage factories in Europe. We are confident that Frias has a bright future ahead of it and will continue its successful growth with the support of Refresco."

The transaction is expected to close by the end of this year, subject to regulatory approval. The parties have not disclosed the financial terms of the transaction. Frías will be integrated into a portfolio ranging from juices to carbonated soft drinks and mineral waters in packs ranging from carton to PET, aseptic PET, cans and glass.

^{Photo: Frías}