Capsa Food has taken full ownership of Lácteas Flor de Burgos after first buying 50% of the Spanish dairy business in 2020.
The remaining stake has been acquired from Lactan Holding Group for an undisclosed sum and will give Asturias-based Capsa Food control of a seventh factory, located in Burgos, Castilla Leon.
Capsa Food, a local dairy products manufacturer, said in a statement the purchase of the rest of Flor de Burgos solidifies its position as the seventh largest “operator” in the Spanish cheese market. Brands include the Cabrales Central Lechera Asturiana cheese and the Larsa line of Galician cheeses.
Milk, butter and cream supplied to retailers also feature in Capsa Food’s portfolio, while the company also operates the Innova Food Ingredients arm serving food manufacturers.
CEO José Armando Tellado said: “Today, we complete a process that we began in 2020 and that aims to reinforce our leadership position in the Spanish dairy sector, redoubling our efforts to strengthen our presence in the cheese market.
“This acquisition motivates and excites us to continue working on the commitment acquired with our clients and consumers to continue offering them the best products and the best service.”
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Flor de Burgos is based in the Spanish province of the same name in Condado de Trevino in the northern part of the country. Founded in 2003, it manufactures cheese, milk, yogurt and cream.
The business was expected to end 2023 with a turnover of almost €100m ($109.3m), according to the statement issued last week. With the additional stake, Capsa Food is targeting to reach a turnover of more than €1bn this year.
Current figures on Capsa Food’s website show a turnover of €738m and a net profit of €22m. The company is B-Corp certified with six other production facilities situated across Asturias and Galicia, along with Madrid and Catalonia.
Revenue in the 2022 financial year amounted to €895m, up 18%. Net profit, however, dropped 73% to €5.1m, a decline that Capsa Food put down to inflation-linked higher ingredients costs and the war in Ukraine.
In 2022, Capsa Food entered a plant-based, alternative milk drinks partnership with Spain’s Liquats Vegetals and launched the Vegetanea line the same year. Liquats Vegetals produces beverages made from oats, almonds, soy and rice.