Capsa Food, one of the largest dairy companies in Spain, has bought a minority stake in local cream-cheese and mascarpone maker Innolact.
Financial terms were not disclosed but Capsa did say it had acquired a 40% shareholding in the Galicia-based business.
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In a statement, Capsa said its “strategic alliance” with Innolact would help the Quescrem brand owner to “consolidate and support its growth plans”.
Capsa said the deal would not mean “any change” in Innolact’s management. The company will continue to be led by general manager Sergio Martinez, it said. The other 60% of Innolact will be held by its founding partners.
Martinez said: “With the incorporation of Capsa into Quescrem, we are boosting the growth of our business, generating important opportunities for innovation and internationalisation. With this alliance, we reaffirm our commitment to improving the sustainability of the value chain of the dairy sector.”
Innolact is expanding its factory in Castro de Rei, one of two facilities it has in Galicia.
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By GlobalDataThe company’s other brands include Greenster, a vegan, almond-based spread.
Capsa Food general manager José Armando Tellado said: “With this alliance, we are taking a step forward in our ambition to grow and lead the cheese market in Spain and abroad through innovation and talent.”
At the end of 2023, Capsa Food acquired full ownership of Lácteas Flor de Burgos after first buying 50% of the Spanish cheese business in 2020.
Last year, Innolact generated a turnover of €25m ($27.2m). In 2022, the last year in which Capsa – which counts the Central Lechera Asturiana co-op as its major shareholder – disclosed its revenue, it stood at €895m, up 18% on a year earlier.
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.
Just Food has asked if Capsa has corresponding figures for 2023.
