Global private-equity group InvestIndustrial has struck a deal to acquire Spanish ice-cream producer Grupo Alacant.
Financial terms of the transaction were not disclosed.
The purchase of Alacant arrives "at a pivotal moment" for the group as it looks to build itself up as "one of Europe's leading independent private-label ice-cream players", the investor said in a statement.
Set up in 1972, the Alicante-headquartered group works "predominantly" in private label and also co-produces "for leading branded ice-cream players".
According to its website, the company also produces its own brands: Helados Alacant, Helados Antiu Xixona and 40 Free From.
The business generated roughly €225m ($236m) in revenue in 2024 from a portfolio that includes ice cream in tub formats and cones, along with ice-cream sandwiches and sticks.
Andrea Bonomi, chairman of InvestIndustrial's advisory board, said the group will assist Alacant in its next phase of development, including expanding outside of Spain.
Alacant operates four manufacturing sites across Alicante, Murcia and Madrid, where it employs around 850 people.
The CEO of the private-label player, Joaquin Lancis, added: “We are very excited to partner with InvestIndustrial as we look to further reinforce our position with our key customers and to grow the company further outside of Spain.
"Given InvestIndustrial’s track record and deep knowledge of the private-label food category, we strongly believe it is the right shareholder to further support Grupo Alacant while strengthening the operational footprint.
"We are confident that InvestIndustrial’s experience and contribution will allow Grupo Alacant to become a leading player in the European market."
InvestIndustrial already has a presence in ice cream.
In February, the group partnered with the owners of Italian ice-cream company Sammontana, the Bagnoli family, to purchase bakery group Forno d'Asolo from private-equity firm BC Partners and facilitate a merger between the two businesses.
The Bagnoli family, InvestIndustrial and the management team are to own 100% of the new group.
A statement from InvestIndustrial at the time mentioned the “attractive growth potential” of Forno d’Asolo as a reason for the merger, as well as Sammontana’s “expertise in the gelato and frozen-pastries industries”.
The combined group is expected to generate €1bn in revenues, according to the statement, with production facilities across Italy, the US and France. Employing over 2,500 people, it will operate across multiple channels, selling frozen pastry, dessert and gelato products to bars, restaurants, hotels, food retailers and catering companies.
