Refresco’s bold move: How acquiring Frías Nutrición could transform plant-based drinks market

In a significant move to strengthen its position in the rapidly growing plant-based drinks sector, Refresco, the global independent beverage solutions provider, has announced its intention to acquire Frías Nutrición (Frías). This acquisition, subject to regulatory approval, involves the purchase of Frías from Alantra Private Equity and the founding family. The deal is expected to close later this year.

Refresco, headquartered in Rotterdam, Netherlands, is renowned for its extensive range of beverages, including juices, carbonated soft drinks, and mineral waters. The company operates across Europe, North America, and Australia, employing over 14,500 people. The acquisition of Frías Nutrición represents a strategic enhancement to Refresco’s portfolio, particularly in the plant-based drink category.

Frías Nutrición, based in Burgos, Spain, is a prominent manufacturer of plant-based drinks. The company’s product line includes almond, rice, hazelnut, and soy drinks, catering to a variety of key European retailers. With a workforce of approximately 250 employees, Frías has established itself as a leader in plant-based beverages and other products such as broths, creams, and tofu.

Hans Roelofs, CEO of Refresco, highlighted that this acquisition aligns with the company’s “Buy & Build” strategy. He noted that integrating Frías would significantly enhance Refresco’s capabilities in the plant-based drinks sector and complement its existing operations in Spain. This acquisition is expected to accelerate product innovation and broaden Refresco’s service offerings to retailers and branded customers throughout Europe.

Alantra Private Equity Fund III acquired Frías in 2019, initiating a comprehensive growth strategy in collaboration with the Frías family. This strategy included modernizing the company’s facilities and expanding its market presence. The investment led to the establishment of one of Europe’s most advanced plant-based drinks factories, positioning Frías Nutrición for continued success in the global market for healthy food and beverages.

Bruno Delgado-Luque, Partner at Alantra Private Equity, remarked on Frías’ remarkable growth since 2019, noting the company’s enhanced market leadership in the Iberian Peninsula and its expanding international footprint. He expressed confidence that Frías Nutrición would maintain its upward trajectory under Refresco’s ownership.

Refresco acquisition of Frías Nutrición is poised to create significant opportunities within the plant-based beverage sector. With the transaction still pending regulatory approval, stakeholders will be keenly watching how this strategic move will impact both companies and the broader market for plant-based products.