Highly acquisitory Spanish functional foods company Natraceutical has EUR20m (US$25.11m) in its coffers to make small acquisitions in Southern Europe and expand its distribution network, the company’s Chairman Xavier Adsera has told analysts in Madrid.

Adsera reportedly said the funds come from a syndicated loan to pay for its Forte Pharma takeover, which analysts have welcomed, raising the company’s profit outlook.

Meanwhile, Spanish porcelain maker Lladro has sold 1.7% of the company for EUR5.3m, cutting its stake to 5% from 6.7%, the company said in regulatory filings.

The move comes as real-estate group Nozar bought a 5% holding in Natraceutical earlier this month.

Natraceutical makes functional ingredients, such as cacao derivatives and purified caffeine, for the food and beverage industries.