Deal Announcement

DC Advisory advised Alantra on financing for the acquisition of Frias

22 Feb 2019


  • Founded in Burgos, Spain, in 1919, Frías Nutrición (Frias) is the leading private label manufacturer and distributor of vegetable-based drinks
  • The product portfolio comprises plant-based beverages (oats, soybeans, almonds, coconut and rice), broths, creams and other healthy products
  • It operates mainly in the Spanish market, with a focus on the private label segment, where it has become the leading operator and the only one serving all top 12 retailers
  • In 2018, the company achieved c. €60m in sales
  • Alantra, a Spanish private equity firm that has invested over €1.4bn in the last 25 years, acquired a majority stake in Frias in December 2018 (subject to certain conditions, such as antitrust approval). This was completed in February 2019


  • In October 2018, DC Advisory (DC) was engaged by Alantra to provide debt advice to raise c. €70m in facilities
  • Based on a deep understanding of the business and the company / shareholders’ objectives, DC’s role included:
    • Assisting with financial modelling and the preparation of marketing materials;
    • Managing the process with senior debt providers; and
    • Term Sheet and SFA negotiation.
  • In addition, based on DC’s deep understanding of the sector and its dynamics, DC provided advice on bolt-on opportunities and exit strategy


  • DC delivered a market leading outcome in meeting the financing objectives, including:
    • Establishing a sustainable, long-term syndicated loan with a seven-year bank tranche, alongside a Capex facility and a corporate RCF;
    • Minimised the financing cost;
    • Achieved a financial covenant-lite with a wide headroom over the business plan; and
    • Obtained a borrower friendly loan agreement.

Deal Team

César García

Managing Director

Bruno Delgado, Managing Partner, Alantra commented:

“DC Advisory provided strategic advice to achieve the best market conditions in a fast-paced transaction that will allow us, from now on, to support the company in accelerating growth, both domestically and internationally.”

César García, Managing Director, DC Advisory commented:

“This transaction demonstrates DC Advisory’s extensive knowledge of the financing industry in Spain. It also reinforces our long term relationship with a key financial sponsor in Spain and our credentials in the food sector.”