Refresco has made a significant step into the plant-based beverage sector by acquiring Spanish producer Frías Nutrición, enhancing its production capabilities and market reach.
Refresco Expands into Plant-Based Market with Acquisition of Frías Nutrición
International bottling titan, Refresco, has secured the acquisition of Frías Nutrición, a Spanish-based producer specialising in plant-based beverages. The transaction, arranged with Alantra Private Equity and the founding Frías family, marks a significant development for Refresco. Financial specifics of the deal have not been disclosed.
Frías Nutrición, headquartered in Burgos, Spain, is known for manufacturing a range of private-label plant-based drinks such as almond, rice, hazelnut, and soy beverages. The company employs approximately 250 individuals at its production facility. This acquisition is integral to Refresco’s strategy to enhance its offerings and capabilities within the growing plant-based drinks category.
“The acquisition of Frías significantly strengthens our position in the fast-growing plant-based drinks category,” commented Hans Roelofs, CEO of Refresco. “It complements our existing footprint in Spain with a production facility solely dedicated to plant-based products.”
Roelofs further highlighted that the acquisition will bolster Refresco’s service range to retailers and customers across Europe, while also accelerating product innovation capabilities in the sector.
Alantra Private Equity, which acquired Frías in 2019, expressed satisfaction with the company’s trajectory during their tenure. Bruno Delgado-Luque, partner at Alantra, stated, “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 Frías has a bright future ahead and will continue its successful growth with the support of Refresco.”
Founded in 1999, Refresco, based in Rotterdam, is one of the world’s largest independent beverage contract manufacturers. The company’s extensive operational network spans over 70 production facilities across Europe and North America, producing own-label juices and soft drinks for retailers and notable brands.
This transaction enables Refresco to continue its expansion into the plant-based drinks sector, an area where it had already made inroads with the launch of its first European plant-based production line in Calvörde, Germany, and its entry into the oat drinks category.
A spokesperson from Refresco assured that the employees of Frías are a valuable asset and highlighted the potential for growth and new career opportunities with the integration of the two companies.
This acquisition follows Refresco’s recent moves, including the acquisition of US-based VBC Bottling Company earlier this year, and the challenges faced with the shutdown of a production plant in France due to rising raw material and energy costs. Refresco also had to adjust its operations in Germany as PepsiCo decided to transition its bottling processes in-house.
The completion of the acquisition remains subject to regulatory approval and is expected to be finalised later this year.