Capsa Food Acquires 40% Stake in Innolact to Boost Cheese Market Presence
Source: The DairyNews
Capsa Food, one of Spain's leading dairy companies, has announced the acquisition of a 40% stake in Galicia-based Innolact, the maker of the Quescrem brand of cream cheese. This strategic investment is part of Capsa's broader initiative to enhance its position in the national and international cheese markets.
While the financial details of the deal remain undisclosed, Capsa emphasized that this partnership aims to support Innolact's growth plans without altering its current management structure. Innolact will continue under the leadership of General Manager Sergio Martinez, with the remaining 60% ownership retained by its founding partners.
Martinez highlighted the benefits of the alliance, noting, "With the incorporation of Capsa into Quescrem, we are boosting the growth of our business, generating important opportunities for innovation and internationalization." He also stressed the partnership's commitment to enhancing the sustainability of the dairy sector’s value chain.
In addition to expanding its flagship cream cheese brand, Innolact is currently enlarging its production facility in Castro de Rei, reflecting its commitment to growth and innovation. The company also produces Greenster, a vegan almond-based spread, diversifying its product portfolio to cater to a broader market.
José Armando Tellado, General Manager of Capsa Food, remarked on the strategic nature of this partnership, stating, "With this alliance, we are taking a step forward in our ambition to grow and lead the cheese market in Spain and abroad through innovation and talent."
This acquisition follows Capsa Food’s recent move to obtain full ownership of Lácteas Flor de Burgos in 2023, having initially acquired a 50% stake in 2020. In the last disclosed fiscal year of 2022, Capsa reported revenues of €895 million, a significant 18% increase from the previous year, although net profit fell by 73% to €5.1 million due to inflationary pressures on ingredients and impacts from the war in Ukraine.
This strategic acquisition positions Capsa Food to leverage Innolact’s established brand and product line, potentially boosting its market share in the competitive cheese sector.
Martinez highlighted the benefits of the alliance, noting, "With the incorporation of Capsa into Quescrem, we are boosting the growth of our business, generating important opportunities for innovation and internationalization." He also stressed the partnership's commitment to enhancing the sustainability of the dairy sector’s value chain.
In addition to expanding its flagship cream cheese brand, Innolact is currently enlarging its production facility in Castro de Rei, reflecting its commitment to growth and innovation. The company also produces Greenster, a vegan almond-based spread, diversifying its product portfolio to cater to a broader market.
José Armando Tellado, General Manager of Capsa Food, remarked on the strategic nature of this partnership, stating, "With this alliance, we are taking a step forward in our ambition to grow and lead the cheese market in Spain and abroad through innovation and talent."
This acquisition follows Capsa Food’s recent move to obtain full ownership of Lácteas Flor de Burgos in 2023, having initially acquired a 50% stake in 2020. In the last disclosed fiscal year of 2022, Capsa reported revenues of €895 million, a significant 18% increase from the previous year, although net profit fell by 73% to €5.1 million due to inflationary pressures on ingredients and impacts from the war in Ukraine.
This strategic acquisition positions Capsa Food to leverage Innolact’s established brand and product line, potentially boosting its market share in the competitive cheese sector.
