Spanish investment firm Alantra Private Equity fund has agreed to acquire a majority stake in Frías Nutrición to support its development in the healthy vegetable food sector.

The companies did not disclose financial details of the deal, which is subject to approval from the competition authorities.

Alantra Private Equity partner Bruno Delgado said: “We are really impressed by the recent transformation carried out by the management team, from a traditional and more mature business such as dairy to a healthy vegetable food business with solid growth dynamics.

“From now on, we hope to be able to support them in accelerating growth, both domestically and internationally, but always betting on innovation.”

It will be the seventh deal closed by Alantra Private Equity Fund III.

“From now on, we hope to be able to support them in accelerating growth, both domestically and internationally, but always betting on innovation.”

Established in 1919 and headquartered in Burgos in Spain, Frías is engaged in the production and distribution of vegetable beverages (oats, soybeans, almonds, coconut and rice), broths, creams and other healthy products, primarily to private label segment.

The existing Frías management team will continue to be a relevant shareholder in the company and will be part of the management, as well as the daily operations of the business.

Frías Nutrición, which employs over 130 people, has a production plant in Burgos.

Alantra said the growth plan of Frías Nutrición, which has a turnover of €60m, depends on the consolidation of its leadership position in the domestic market with the introduction of new products in categories where it already operates and in other adjacent areas, as well as developing its international presence.

Alantra Private Equity intends to offer financial and strategic support that will allow Frías to undertake the necessary investments for the organic plan and explore inorganic growth opportunities.

Frías Nutrición CEO Victor Frías said: “With Alantra’s support we have greater resources to face the new projects we have underway, to be able to play in the market at the speed currently demanded and to be able to develop the internationalisation plan with their support and experience.”