Madrid-based investment firm Alantra Private Equity has taken a majority stake in local food business Frías Nutrición for an undisclosed sum.

Frías, based in Burgos, manufactures products such as vegetable-based drinks and broths, mainly for the private label segment.

Alantra said the Frías management team will continue to be “a relevant shareholder in the company”, maintaining its involvement in the management and daily operations of the business. The PE firm has not revealed the size of its stake in Frías.

Founded in 1919, Frías, traditionally specialising in dairy products, has an annual turnover of around EUR60m (US$67.7m). It has more than 130 employees and operates a production plant in Burgos.

Alantra suggested the company has outstanding growth perspectives, driven by the increasing popularity of healthy food and beverages among consumers around the world.

Bruno Delgado, a partner at Alantra, said: “We are really impressed by the recent transformation carried out by the management team, from a traditional and more mature business such as dairy to a healthy vegetable food business with solid growth dynamics. From now on, we hope to be able to support them in accelerating growth, both domestically and internationally, but always betting on innovation.”

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Frías CEO Victor Frías said: “With Alantra’s support we have greater resources to face the new projects we have underway, to be able to play in the market at the speed currently demanded and to be able to develop the internationalisation plan with their support and experience.”