SPAIN – Capsa Food, a prominent player in the Spanish dairy industry, has acquired a 40% stake in Innolact SL from various minority shareholders.
The remaining 60% stays with the founding partners, ensuring stability in management. Sergio Martinez, the General Manager and founding partner of Quescrem, will continue to lead Innolact.
The acquisition will keep Innolact’s operations the same and allow it to remain in its facilities in Galicia. Sergio stated that this move supports local livestock farms and contributes to regional rural employment.
“With CAPSA joining Quescrem, we’re enhancing our business growth, fostering innovation, and expanding internationally. This partnership reaffirms our commitment to sustainability in the dairy value chain,” Sergio Martinez commented.
Quescrem specializes in cream cheese, mascarpone, and other premium dairy products, using locally sourced milk and playing a significant role in the Galician dairy sector.
The company plans to expand its second factory in Castro de Rei, with an investment of over 10 million euros by 2024, as part of a broader 16 million euro plan.
In 2023, Innolact achieved a turnover of 25 million euros, continuing its growth since its inception in 2008. CAPSA FOOD’s acquisition strengthens its position in the cheese market. In late 2023, CAPSA fully acquired Lácteas Flor de Burgos, initially buying 50% in 2020.
Quescrem exports to 45 countries, leading Spanish cheese exports to China and South Korea. “This partnership advances our goal to lead the cheese market in Spain and internationally through innovation and talent,” José Armando Tellado, CAPSA FOOD’s General Manager, stated.
In 2022, CAPSA FOOD reported revenues of 895 million euros, an 18% increase from the previous year, despite a 73% drop in net profit due to rising costs and geopolitical tensions.
Last year, Innovate generated a turnover of US$27.2m. In 2022, the previous year, Capsa, which counts the Central Lechera Asturiana co-op as its major shareholder, disclosed its revenue, and it stood at US$895m, up 18% from a year earlier.
Net profit dropped 73% to €5.1m, a decline Capsa Food attributed to inflation-linked higher ingredients costs and the war in Ukraine.
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