• This transaction marks the successful completion of a five-year growth project led by Alantra Private Equity alongside the Frías family
• Since 2019, Frías has established itself as a market leader in Iberia, and expanded its presence abroad
• This transaction strengthens Alantra Private Equity’s track record in the food sector

Madrid – Alantra Private Equity is pleased to announce it has agreed to sell its portfolio company Frías Nutrición (“Frías”), a leading manufacturer of plant-based drinks, to Refresco, a global independent beverage group with presence in Europe, North America, and Australia. The parties agreed not to disclose the financial terms of the transaction.

With a production facility in Burgos, Spain, Frías employs around 250 people. The company produces plant-based drinks (mainly oat, almond and soy drinks), as well as broths, creams and tofu for key European retailers.

Headquartered in Rotterdam, the Netherlands, and employing more than 14,500 people, Refresco offers an extensive range of products, from juices to carbonated soft drinks and mineral waters.

Alantra Private Equity Fund III acquired Frías in 2019 and implemented an ambitious growth strategy in collaboration with the Frías family, which included professionalizing the management and transitioning the founding family who also sold to Refresco. Today, Frías is well positioned to capitalize on the growing global popularity of healthy food and beverage options.

Bruno Delgado Luque, Partner of Alantra Private Equity, commented: “Since we acquired Frías in 2019, the company has been on a remarkable growth trajectory, confirming its leadership position in the Iberian Peninsula, and expanding its international business. Together with the Frías family, we launched a major investment plan that resulted in the creation of one of the most modern and efficient plant-based drinks factories in Europe. We are confident that Frías has a bright future ahead and will continue its successful growth with the support of Refresco.”

Hans Roelofs, CEO of Refresco, added: “As part of our proven Buy & Build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories. The acquisition of Frias significantly strengthens our position in the fast-growing plant-based drinks category. It complements our existing footprint in Spain with a production facility solely dedicated to plant-based products. In addition, acquiring Frias enables us to further expand our service offering to retailers and branded customers and retailers across Europe, accelerates our product innovation capabilities in the plant-based drinks category, and underscores our ability to capture opportunities in the market.”

The transaction is subject to regulatory approval and expected to close later this year.

LONDON and BARCELONA, SPAIN – July 22, 2024 – Stoneweg, the real estate investment company, and Bain Capital, the global private equity firm, through their hotel real estate joint venture, have sold the Casa Lit Barcelona hotel to Grupo Hoteles Gargallo.

Situated in the heart of Barcelona just 400 metres from Las Ramblas, the [4*] hotel was constructed in 2010 on the site of the former Colón theatres. It comprises 89 rooms, blending historic charm with contemporary design. Since taking over the management in 2022, Stoneweg Hospitality has delivered a successful renovation and introduced the Casa Lit brand (previously Acta Mimic hotel), infusing it with a fresh and innovative style. The property has been managed by the Ona Hotels chain.

Benefitting from its proximity to Barcelona’s main tourist and cultural attractions, the hotel has become increasingly popular with tourists, business travelers, and meeting attendees, which has underpinned its very strong its operational performance.

The acquisition of Casa Lit Barcelona by the Gargallo Hotels Group marks a significant expansion for the chain, reinforcing Gargallo’s position in the competitive Barcelona market with a commitment to excellence and innovation in the hospitality sector.

Miguel Casas, Managing Director of Stoneweg Hospitality, commented” We are very proud to have owned and managed Casa Lit Barcelona and to have contributed to its success. We have every confidence that the sale to Grupo Hoteles Gargallo, a dynamic and fast growing operator, will see a continuation of what is currently an exceptional guest experience in the economy segment, under a management committed to quality.”

Francisco Bello, Operating Partner, from Bain Capital added: “This transaction is a testament to our focus on creating value through strategic investments in high-quality real estate assets. We are confident that Grupo Hoteles Gargallo will take the hotel to new heights.”

Xenia Gargallo Gay, Managing Director of Grupo Hotelero Gargallo, said: “We are delighted to add Casa Lit Barcelona to our portfolio, bringing our total number of hotels in Barcelona to eleven and reinforcing our leadership in the iconic Ciutat Vella district of Barcelona. This hotel aligns perfectly with our vision of offering exceptional accommodations in key locations. We look forward to continuing its legacy of excellence and providing an unforgettable experience for our guests.”

The integration of Casa Lit Barcelona into the Grupo Hoteles Gargallo stable is scheduled for next month, with plans for its immediate incorporation into the chain’s offerings and quality standards.

About Bain Capital Credit 

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $52 billion in assets under management. Bain Capital Credit invests across a full spectrum of strategies, including leveraged loans, high-yield bonds, distressed debt and special situations, private lending, structured products, non-performing loans, special situations real estate and majority and minority equity stakes. Founded in 1998 as a private, employee-owned firm, Bain Capital Credit’s experienced team of over 150 investment professionals seeks to identify attractive equity and credit investment opportunities across North America, Europe, and Asia-Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, real estate and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About Stoneweg

Stoneweg (www.stoneweg.com) is a real estate investment adviser and asset manager established in 2015 and headquartered in Geneva, Switzerland. The firm leverages in-house local operational teams to source, develop and manage real estate investments. To date, Stoneweg has executed and advised on almost €5 billion of real estate investments across different sectors including developments. Stoneweg expertise includes both equity and debt strategies, advising its client base of financial institutions and family offices across a range of structures including club deals, joint ventures, co-investments and funds. The firm’s investment philosophy is driven by a bottom-up approach to project selection, utilising Stoneweg’s own teams on the ground and deep networks to seize the best opportunities. Stoneweg has a dedicated presence in Switzerland, the United States, Spain, Italy, Andorra and Ireland, enabling many of the operational aspects of the firm’s investments to be carried out in house and locally. Stoneweg has completed more than 300 acquisitions alongside best-in-class partners since 2015.

About Grupo Hotelero Gargallo

Grupo Hotelero Gargallo is a Spanish hotel chain with more than 60 years of experience in the sector. With an outstanding presence in Barcelona and other key cities in Aragon such as Huesca or Teruel, the chain is characterized by its commitment to quality and customer service with a total of 20 hotel establishments. Currently the Hotel Group Gargallo, in its third generation, is immersed in a process of renewal of its strategic vision led by Xenia Gargallo Gay, in her capacity as administrator, characterized by a commitment to the family legacy appropriate to the new times, highlighting the attractive heritage of the Group with several of its hotel establishments located in emblematic and historic buildings and always with a clear philosophy of service and prioritization of the customer experience.