Refresco, a beverage solutions provider for retailers and brands in Europe, North America and Australia, has entered into an agreement to acquire Frías Nutrición from Alantra Private Equity and the founding family.

“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,” says Bruno Delgado-Luque, partner, 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.”

Frías manufactures plant-based drinks at a production facility in Burgos, Spain and employs around 250 people. Frías produces private label plant-based drinks, including almond, rice, hazelnut and soy drinks, for key Spanish retailers and beyond.

“As part of our proven buy and build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories,” says Refresco CEO Hans Roelofs. “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. In addition, acquiring Frías 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.”

Subject to regulatory approval, the transaction is expected to close later this year. The terms of the transaction were not disclosed.