Spain’s Masergrup and its sister company Fruselva have acquired local cooking sauces, broths and vegetable drinks business Costa Concentrados Levantinos.

Costa Concentrados Levantinos, based in Riudoms, Tarragona, traces its roots to 1897 when it was set up by the Costa family. The company was taken over by businessman Joan Escoda in 2002 and is primarily engaged in the production of plant-based products such as the Amandin brand of beverages, soups and pasta and the Costa Eco line of cooking sauces and vegetable-based milks.

Masergrup, meanwhile, is an industrial group housing Fruselva, a co-manufacturer of baby and toddler pouch-based foods stretching across fruit, vegetables, dairy, fish and meat. It also provides private label.

Reus-based Masergrup also operates in alcohol beverages such as wine and Spanish vermouth through its Vermuts Miró business. It is also engaged in the construction, chemicals and real estate industries.

Financial terms behind the Costa Concentrados Levantinos purchase were not disclosed in a statement from Fruselva in a transaction struck just before the Christmas holiday break. The acquired business is also a co-packer for retailers as well as its own brands.

Fruselva was set up in 2008 and supplies international markets, including North and South America, from its two factories in Chile and Colombia. Retail customers include Walmart, Kroger, Aldi and Lidl.

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By GlobalData

The acquisition marks Fruselva’s return to Spain in the context of production as the business gains control of the Riudoms factory. The key objective behind the deal for Costa Concentrados Levantinos is to build up a further presence in the plant-based foods sector, particularly in alternative-milk drinks.

Fruselva explained its thinking behind the deal: “The group will add a complete plant-based range to their portfolio of baby-food products within their sustainability strategy and offering accessible, nutritional, and competitive products to consumers.”

It added “one of the main objectives is to establish new alliances within the plant-based industry with recognised leading companies in the sector”.

Fruselva said it expects to generate a turnover for 2023 of more than €80m ($87.2m), an increase of almost 36% from the previous year. It is targeting a turnover of €120m for 2024.