Global beverage solutions provider Refresco has announced an agreement to acquire private-label plant-based milk manufacturer Frías Nutrición from Alantra Private Equity and the Frías founding family.
Based in Spain, Frías produces milk alternatives made from oats, soy, almond, rice, hazelnut, and coconut. The company’s facility in Burgos employs around 250 people, supplying products to major retailers in Spain and beyond.
The transaction is expected to close later this year, but will be subject to regulatory approval. The financial terms have not been disclosed.
Refresco is currently best known for offering products such as juices, carbonated soft drinks, and mineral water. The company is headquartered in Rotterdam, the Netherlands, and has production facilities in Europe, North America, and Australia. Through the acquisition, Refresco hopes to strengthen its position in the plant-based drinks category.
“Acquiring Frías enables us to further expand our service offering to retailers and branded customers across Europe, accelerates our product innovation capabilities in the plant-based drinks category, and underscores our ability to capture opportunities in the market,” said Refresco CEO Hans Roelofs.
“Remarkable growth trajectory”
The news comes after Rabobank research revealed that European dairy sales were “sluggish” last year, predicting similarly weak sales for 2024. Meanwhile, dairy alternatives continue to see growth worldwide and account for the largest share of the plant-based market.
Forecasts suggest that the global plant-based milk market will be worth $51.87 billion by 2032, up from $20 billion in 2022. Lactose intolerance, the growth of veganism, and sustainability concerns will be key market drivers.
“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,” said Bruno Delgado-Luque, Partner at Alantra Private Equity. “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.”
