Natra makes a range of chocolate bars, pralines, tablets and spreads

PE firm CapVest has added to its holdings in the food and drink industry with the acquisition of European chocolate maker Natra.

Established in 1943, the Spanish company specialises in cocoa ingredients and chocolate products for private label and co-manufacturing for other brands.

Natra makes a range of chocolate bars, pralines, tablets and spreads, as well as free-from products, with a presence in more than 90 countries worldwide. Its ingredients division also supplies a wide range of cocoa-based ingredients such as cocoa mass, powder, butter, fillings and coatings to the international food industry.

The group generated turnover of more than €410m in 2021 and employs 1,000 across six production plants in Spain, Belgium, France and Canada.

The deal, for an undisclosed sum, marks another investment in the food and drink industry for London-headquartered CapVest.

It follows the acquisition of US-based better-for-you snacks player Second Nature Brands in April and petfood maker Inspired Pet Nutrition in 2020.

The firm also sold two major assets last year, with the £1.5bn exit from Valeo Foods and the £1.2bn sale of Eight Fifty Food Group.

Kristian Nikinmaa of CapVest said: “With its strong heritage, international market presence, high-quality leadership team and reputation for great products, Natra is a very exciting platform for us, with ambitious plans to grow its presence in the growing and resilient chocolate category.

“We look forward to supporting Dominique Luna and his team to build on their successes to date and accelerate growth through further investment and innovation, as well as seeking out strategic and transformational acquisitions opportunities.”

Natra CEO Dominique Luna added: “I am very excited to start the next chapter in the development of our company with CapVest. With their deep knowledge of the food sector, commitment to sustainability and track record for building incredibly successful businesses, CapVest is an ideal next partner for us as we grow our international position and achieve our vision.”

The transaction is subject to standard closing conditions and regulatory approvals.