Refresco to Acquire Plant-Based Milk Manufacturer Frías Nutrición

Frías Nutrición, based in Burgos, Spain, produces a variety of milk alternatives, including oat, soy, almond, rice, hazelnut, and coconut milk. The company employs around 250 people and supplies major retailers in Spain and internationally.

The transaction, expected to close later this year pending regulatory approval, will see Refresco strengthen its position in the plant-based drinks category. The financial terms of the deal have not been disclosed.

Refresco, headquartered in Rotterdam, the Netherlands, is known for producing juices, carbonated soft drinks, and mineral water, with production facilities across Europe, North America, and Australia. This acquisition aims to enhance Refresco's service offerings to retailers and branded customers throughout Europe and boost its product innovation in plant-based beverages.

“Acquiring Frías enables us to further expand our service offering to retailers and branded customers across Europe, accelerates our product innovation capabilities in the plant-based drinks category, and underscores our ability to capture opportunities in the market,” said Refresco CEO Hans Roelofs.

Growth of Plant-Based Market

The announcement comes amid reports of sluggish dairy sales in Europe, with Rabobank predicting weak sales continuing into 2024. Conversely, dairy alternatives are experiencing significant growth, now holding the largest share of the plant-based market. The global plant-based milk market is forecasted to reach $51.87 billion by 2032, up from $20 billion in 2022, driven by factors such as lactose intolerance, veganism, and sustainability concerns.

A Bright Future for Frías Nutrición

Bruno Delgado-Luque, Partner at Alantra Private Equity, expressed confidence in Frías's future under Refresco’s ownership. “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.”

Photo by Frías Nutrición