Dutch drinks group Refresco has acquired Spanish plant-based beverage maker Frías Nutrición from its private-equity owner.

Financial details were not disclosed.

Frías produces private-label plant-based drinks, including almond, rice, hazelnut, and soy drinks, for several Spanish retailers. The group has a production facility located in Burgos, Spain and employs around 250 people.

Alantra Private Equity, who acquired the plant-based company in 2019, and the Frías family have agreed to sell the business as Refresco looks to grow its youthful plant-based portfolio.

Rotterdam-based Refresco opened its first European plant-based production line in Calvörde, Germany two months ago and entered the oat drinks category.

“As part of our proven buy-and-build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories,” Refresco CEO Hans Roelofs said.

“The acquisition of Frías significantly strengthens our position in the fast-growing plant-based drinks category. It complements our existing footprint in Spain with a production facility solely dedicated to plant-based products.”

Bruno Delgado-Luque, partner at Alantra Private Equity, added: “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.”

When asked if the Frías employees would stay on after the deal is completed, a Refresco spokesperson said: “The Frías’ employees and capabilities are very important to us.

“Our capabilities in the area of plant-based beverages are limited, so there is little overlap and we foresee expanded growth and career opportunities.”

The deal is expected to be completed later this year.

In April, Refresco acquired US-based VBC Bottling Company, a fellow contract manufacturer for an undisclosed fee.

In December, PepsiCo announced plans to bottle in-house in Germany from this year, ending its contract with Refresco amid efforts to “simplify” its network.

Two months earlier, Refresco said it was shutting down production at a plant in France as “soaring” raw material and energy costs contributed to the site’s “persistent and growing financial losses”.

In 2022, US-based private equity firm KKR agreed to acquire majority control of Refresco.