Ardian, one of the world's leading private equity firms, has reached an agreement for the sale of Frulact, a global platform for solutions based on natural ingredients for the Food & Beverage industry, Nexture, group indirectly controlled by funds managed or advised by investindustrialThe completion of the operation is expected in first quarter of 2026, subject to customary regulatory approvals.
Based in Porto, Frulact specializes in the production of natural ingredients for foods and beverages, offering a broad and complementary portfolio of Food System solutions, specialized liquid flavors e functional plant ingredients intended for dairy products, ice cream, desserts and beverages. The group employs over 850 Guests and count 11 establishments in Europe (Portugal, France, Switzerland, Germany), Africa (Morocco and South Africa) and North America (Canada and the United States), with an active sales network in more than 50 countries. Turnover for the twelve months ended September 30, 2025 was approximately 265 million euro.
Acquired by Ardian in May 2020, Frulact has experienced sustained growth, both organically and through acquisitions, establishing itself among the top three global players of the sub-fund Food System Solutions and strengthening its transatlantic presence. During this period, the company completed two M&A transactions in Europe and North America and inaugurated a new state-of-the-art production facility in the United States, multiplying its turnover by approximately 2,5 times higher.
“It was a pleasure to work with Dinorah, Paulo, Rogerio, Clara and Luis – commented Gonzalo Fernandez-Albiñana, Head of Buyout Spain & Portugal and Managing Director of Ardian –. We are proud to have accompanied Frulact in the transformation from a successful family business to a global leader in the sector, through organic growth, targeted acquisitions and expansion in North America. "We are deeply grateful to Ardian for their support and trust," said CEO Dinorah Mandic –. With Nexture we are embarking on a new phase of our journey, ready to accelerate our growth and innovation strategy”. With its entry into Investindustrial, Frulact aims to further strengthen leadership in the international market for natural ingredients, a strategic segment for the sustainable transformation and customization of offerings in the Food & Beverage world.
