Nexture S.p.A. (“Nexture”), a global integrated group specialized in the development and manufacturing of high-quality food ingredients and value-added solutions, owned by an independently managed investment subsidiary of Investindustrial VII L.P., has signed an agreement to acquire Oferta Genuína S.A. (“Frulact”), a leading global manufacturer of specialty fruit-based ingredients, liquid flavors, and plant-based ingredients for a wide range of end applications, including dairy, ice cream, desserts, and beverages, among others.
Frulact was acquired by Ardian in May 2020. Under Ardian’s ownership, the Group has expanded significantly through a combination of organic and inorganic growth, becoming one of the top three players in the global food systems solutions market with a transatlantic presence. During this period, Frulact completed two acquisitions in Europe and North America and expanded its industrial footprint in both regions, including the inauguration of a new state-of-the-art plant in the United States. This has enabled the company to increase its revenues by approximately 2.5 times.
This acquisition, which offers strong synergies, aligns with Nexture’s ambition to grow in the value-added ingredients sector and further expand its global presence in the fruit preparation segment. Fruit preparations are of strategic importance for Nexture, which has extensive expertise through its two specialized plants in Pedrengo (Italy) and Goes (the Netherlands), with a tradition dating back to the 1960s.
The transaction represents a significant milestone in Nexture’s strategic expansion, as explained by Gabriele Del Torchio, Chief Executive Officer of Nexture: “This acquisition represents a natural evolution of our growth strategy and reinforces our commitment to delivering exceptional value to our customers. By combining Frulact’s specialized expertise and innovative capacity in natural ingredient solutions with our established market presence and operational excellence, we are uniquely positioned to seize emerging opportunities and accelerate our value creation journey.”
All members of Frulact’s management team, led by Dinorah Mandic, will retain their current roles and join the Nexture Group. Dinorah Mandic, Chief Executive Officer of Frulact, commented: “We are very pleased to join Nexture, as we share a common vision of excellence and a commitment to sustainable and responsible business practices. This new chapter will provide us with greater resources and scale to accelerate innovation, expand our geographic reach, and deliver even greater value to our customers.”
“It has been a true pleasure working alongside Dinorah, Paulo, Rogerio, Clara, and Luis, and their outstanding team at Frulact. We are proud to have supported Frulact’s transformation from a highly successful family-owned company into a global leader in its field. Together, we achieved major milestones such as sustained organic growth, selective M&A activity, and the successful expansion of the company’s operations in North America,” said Gonzalo Fernandez-Albiñana, Head of Buyout Spain & Portugal & Managing Director, Ardian.
The acquisition of Frulact by Nexture marks another milestone in its ambitious buy-and-build strategy, a program designed with the operational support of the Investindustrial Value-Creation Advisory Team.
Since Investindustrial’s entry, when the company included only CSM Ingredients and generated €517 million in sales, Nexture has now become a global leader in value-added ingredients, with revenues of approximately €1.1 billion following the acquisition of Frulact.
The Group’s industrial presence has expanded from 8 to 24 factories worldwide, including 2 in North America, 4 in Africa, 1 in Asia, and the remaining 17 across 8 European countries. Meanwhile, R&D centers have grown from 8 to 20, and the workforce has increased from 1,400 to 2,700 employees.
By leveraging Frulact’s 11 production plants in 8 countries and Nexture’s existing 13 facilities, Nexture further strengthens its presence in Europe while expanding into high-growth regions such as North America and Africa, offering strategic proximity and unmatched service to its customers. With a combined network of 20 R&D centers worldwide, Nexture has become an innovation engine, driving a continuous flow of tailored solutions that respond to regional trends and customer preferences.
Headquartered in Porto (Portugal), Frulact employs more than 850 people, operates 11 facilities and 9 R&D centers across Europe (Portugal, France, Switzerland, and Germany), North America (Canada and the United States), and Africa (Morocco and South Africa), sells its products in over 50 countries, and generates approximately €265 million in revenues for the 12-month period ending September 30, 2025. The company boasts advanced innovation capabilities through its nine global R&D centers and a broad portfolio of proprietary formulations, including solutions aligned with the latest consumer trends and sustainable labeling, as well as strong relationships with customers in key regions. With state-of-the-art production facilities and a commitment to ingredient innovation, the company’s mission to advance the food industry is fully aligned with Nexture’s high operational standards and customer-centric approach.
Headquartered in Italy, Nexture exemplifies a global buy-and-build strategy supported by the operational improvement advisory expertise of Investindustrial. Gabriele Del Torchio has played a pivotal role in leading this globalization process, and Nexture is pleased to welcome Frulact’s management team, led by Dinorah Mandic, to form an exceptionally talented group within Nexture.
The completion of the transaction is subject to customary closing conditions, including regulatory approvals, and is currently expected to take place in the first quarter of 2026.
Nomura acted as financial advisor to Nexture; Investindustrial Capital Markets advised Nexture on the financial structuring of the transaction; Slaughter & May and Uría acted as M&A legal advisors; Paul, Weiss served as legal advisor for financing matters; the Investindustrial Operational Improvement Advisory Team and McKinsey & Company advised Nexture on commercial and operational due diligence; and PricewaterhouseCoopers advised on financial, tax, and IT due diligence.
About Nexture
Nexture is the Italian holding company encompassing two leading players in the food ingredients sector: the CSM Ingredients Group and the Italcanditi Group, both indirectly owned by an independently managed investment company affiliated with Investindustrial. Headquartered in Milan (Italy), Nexture is a global integrated group specializing in the development and manufacturing of high-quality food ingredients and value-added solutions.
Nexture includes renowned brands such as CSM Ingredients, HIFOOD, Vitalfood by Italcanditi, Comprital, and Prodotti Rubicone, all internationally recognized for the excellence of their solutions and their ability to anticipate consumer trends. As of March 31, 2025, Nexture operated in over 120 countries, with 13 production plants, 10 innovation centers, and more than 2,000 employees. Built on a shared strategic vision, strong industrial roots, and a global identity, Nexture aims to position itself as a key partner for major players in the food industry, combining artisanal heritage, technological know-how, a focus on sustainability, and an extensive network to address the challenges of a constantly evolving market.
Any reference to “Investindustrial” is general in nature and should not be construed as indicating control by any specific company or individual. The Investindustrial investment companies are independently managed by their respective boards of directors.
For more information, please visit: www.nexture.com
ABOUT ARDIAN
Ardian is a world-leading private investment firm, managing or advising $192bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,060+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.
Frulact is an innovative natural solutions platform offering solutions for food and beverage applications. With a trans-Atlantic presence encompassing 11 production facilities across 8 countries and commercial reach in more than 50 markets, Frulact has established itself as a recognized global leader in its field.
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