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Independent beverage solution provider Refresco has entered into an agreement to acquire Frías Nutrición from Alantra Private Equity and the founding family.

Frías, which manufactures plant-based drinks, has a production facility in Burgos, Spain, and employs around 250 people. Frías produces private label plant-based drinks, including almond, rice, hazelnut and soy beverages.

Hans Roelofs, Refresco’s CEO, commented: “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 plant-based drinks category. It complements our existing footprint in Spain with a production facility solely dedicated to plant-based products.”

Roelofs explained that the acquisition will enable Refresco to further expand its service offering to branded customers and retailers across Europe, accelerating its product innovation capabilities in the plant-based drinks category and underscoring the firm’s ability to capture opportunities in the market.

Bruno Delgado-Luque, partner at Alantra Private Equity, added: “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.”

The news follows Refresco’s acquisition of US beverage manufacturer VBC Bottling Company in April this year. Refresco expected the deal to bolster its footprint and capabilities in North America, strengthening its ability to provide beverage solutions to branded customers.

Financial terms of the deal – which is subject to regulatory approval – were not disclosed.

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