Spain: Capsa Food Intensifies Investment in Innolact to Boost Cheese Sector Dominance

Spanish dairy group Capsa Food has strategically increased its stake in Innolact, a local cheese maker, acquiring an additional 20% and thus becoming the majority shareholder. While financial specifics of the acquisition remain undisclosed, this move follows Capsa's initial investment in July, when it acquired a 40% stake, leaving the rest with the company's founders. Despite the altered ownership, Innolact, known for its Quescrem brand, will continue under the leadership of co-founder Sergio Martínez.

Innolact, established in 2006 from a University of Santiago de Compostela spin-off, distributes its products, including cream cheese and mascarpone, to 45 countries on five continents. The firm's 2023 turnover reached €25 million ($27.2 million), whereas Capsa's 2022 revenues were €895 million, an 18% increase despite a 73% plunge in net profits attributed to rising costs and geopolitical tensions.

Capsa’s expansion includes a strategic plan to achieve €1 billion in annual turnover. This acquisition also mirrors Capsa's prior actions, such as gaining full ownership of Lácteas Flor de Burgos, consolidating its position in Spain's dairy industry. Capsa currently operates eight production plants and employs over 1,400 individuals.