• This transaction marks the successful completion of a five-year growth project led by Alantra Private Equity alongside the Frías family
• Since 2019, Frías has established itself as a market leader in Iberia, and expanded its presence abroad
• This transaction strengthens Alantra Private Equity’s track record in the food sector

Madrid – Alantra Private Equity is pleased to announce it has agreed to sell its portfolio company Frías Nutrición (“Frías”), a leading manufacturer of plant-based drinks, to Refresco, a global independent beverage group with presence in Europe, North America, and Australia. The parties agreed not to disclose the financial terms of the transaction.

With a production facility in Burgos, Spain, Frías employs around 250 people. The company produces plant-based drinks (mainly oat, almond and soy drinks), as well as broths, creams and tofu for key European retailers.

Headquartered in Rotterdam, the Netherlands, and employing more than 14,500 people, Refresco offers an extensive range of products, from juices to carbonated soft drinks and mineral waters.

Alantra Private Equity Fund III acquired Frías in 2019 and implemented an ambitious growth strategy in collaboration with the Frías family, which included professionalizing the management and transitioning the founding family who also sold to Refresco. Today, Frías is well positioned to capitalize on the growing global popularity of healthy food and beverage options.

Bruno Delgado Luque, Partner of Alantra Private Equity, commented: “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.”

Hans Roelofs, CEO of Refresco, added: “As part of our proven Buy & Build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories. The acquisition of Frias 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. In addition, acquiring Frias enables us to further expand our service offering to retailers and branded customers and retailers across Europe, accelerates our product innovation capabilities in the plant-based drinks category, and underscores our ability to capture opportunities in the market.”

The transaction is subject to regulatory approval and expected to close later this year.