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January 12, 2021updated 06 Jul 2021 10:48am

Investor DeA Capital takes control of Spanish food firm Alnut

Spain-based baby food and plant-based product specialist Alimentación y Nutrición Familiar has a new majority owner.

Italian investment group DeA Capital Alternative Funds has bought a 60% stake in Spain-based baby food and plant-based dairy specialist Alimentación y Nutrición Familiar.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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It has acquired the stake in Alimentación y Nutrición Familiar, also known as Alnut, from the company’s current owner, European food producer Foodiverse, for an undisclosed sum. Foodiverse retains a 40% stake in the business.

The deal was done through the Taste of Italy 2 private-equity fund, which DeA Capital manages.

Joaquín Félix, manager of Alnut, said: “The collaboration between Foodiverse and DeA Capital Alternative Funds will enable the business to continue to evolve with continual investment, strengthening the pillars of food safety, quality and development of the teams, whilst adhering to our commitment to the environment and innovation.”

Leopoldo Reaño, managing director of DeA Capital, said: “We are very excited to be able to contribute towards Alnut’s expansion, continuing on the path laid out by Foodiverse. We strongly believe that the combination of our sectoral approach together with the capacities of a company like Alnut and its management team and a partner with the experience and reputation of Foodiverse, form very solid foundations on which to build a successful project.”

Foodiverse CEO Rafael Boix said: “This alliance responds to three main objectives: stability, growth and expansion. These are goals that we have been working towards for years and we want to take a step further to give them a major boost. And in DeA Capital Alternative Funds we have found the right partner to do this with.”

This is the Taste of Italy 2 fund’s first investment in Spain.

Founded in 2010, Alnut has more than 100 employees and achieved a turnover of EUR25.7m (US$31.2m) in 2019. It specialises in baby food through the Byba brand and foods targeted at the wider family via the Sun & Vegs brand.

The company’s plant-based products include yogurt alternatives It’s Coconut and It’s Oat. It sells its products in 16 countries on four continents.

Foodiverse specialises in fresh produce and has nine processing plants in Spain, Germany, Switzerland and Italy.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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