It was a matter of time and market logic has prevailed. The family group Idilia Foods, owner of ColaCao and Okey, has acquired from Damm 50% of the capital of the historic milkshake brand Cacaolat. The alliance of the two Barcelona groups creates the Spanish leader in the milkshake sector, with a joint market share in value of 29% and a brand portfolio comprising Cacaolat, Okey, ColaCao Energy, and ColaCao Shake.
Idilia Foods' entry into Cacaolat's shareholding comes three years after Cobega ---the business holding of the Daurella family, a reference shareholder of Coca Cola Europacific Partners--- sold to the brewing group the 50% it controlled in the milkshake manufacturer with a factory in Santa Coloma de Gramenet. Both companies, Damm and Cobega, had allied in 2011 to jointly rescue the Cacaolat brand, which was on the verge of disappearing from the market due to the disastrous management of the former owner, Clesa, a subsidiary of the defunct Nueva Rumasa group. The offer presented by the brewing group and the Daurella family was the winner of the auction organized by the commercial court to find a partner interested in acquiring the brand's assets and ensuring its continuity. The proposal prevailed over the offers made by Vichy Catalán and Central Lechera Asturiana.
After almost three years of controlling the company alone after Cobega's departure, Damm has now once again opted to have a travel companion to operate in a difficult market such as milkshakes, marked by the high weight of private labels, atomization, and very regionalized consumption, which makes Cacaolat, for example, the leading brand in Catalonia, while Puleva is in Andalusia and Choleck in Levante.
Following this acquisition, Cacaolat will market and distribute all Idilia Foods' milkshakes, which will optimize a commercial network that until now focused on the Cacaolat and Letona brands. The agreement does not imply changes in manufacturing. Cacaolat will continue to be produced at the Santa Coloma factory, while the Calidad Pascual Group will continue to be responsible for the production of the Okey, ColaCao Shake, and ColaCao Energy brands. Idilia Foods ---when it was still Nutrexpa--- outsourced the production of its milkshakes to Pascual in 2014, when it decided to close the plant it owned in Palencia.
For it to be effective, the creation of Spain's largest milkshake group must first receive approval from the National Commission for Markets and Competition (CNMC). Damm has explained that after Idilia's entry, Cacaolat will continue to operate independently under the management team led by Josep Barbena, general director. "The stated objective is to further accelerate the growth of the dairy milkshake market nationally and internationally," the company said.
In 2023, Grupo Cacaolat, chaired by Ramon Agenjo, invoiced 82 million euros, up 12.8%. The company employs 225 people and traces its origins back to 1933, being one of the most recognized brands by consumers. The Santa Coloma factory ---where Damm had previously manufactured beer--- opened in 2013 and has allowed Cacaolat to also begin an internationalization process, so that the brand is now present in more than 30 countries. Overall, the Damm group reached a turnover of 2,061 million euros in 2023, up 10%.
The purchase of 50% of Cacaolat is the first major corporate operation carried out by Idilia Foods since its creation in 2015 as a result of the split of the former Nutrexpa group into two companies. Owned by the Ferrero Jordi brothers, Idilia is a company specializing in cocoa-derived products, with leading brands in the sector such as ColaCao, Nocilla, Okey, and Paladín. Led by Xavi Pons, Idilia invoiced 194 million euros in 2023 and employs 330 people. Its only production center is located in Parets del Vallès. Last summer, Idilia sold the plant-based products company Sorribas to Sanygran from Navarre.
Adam Foods also emerged from the former Nutrexpa, a company that remained in the hands of the Ventura family and owns well-known brands such as Cuétara, Aneto, Panrico, La Piara, Granja San Francisco, and Artiach. Unlike Idilia, Adam has been a very active company in acquisitions until now, as it has grown with the purchases of Panrico and, more recently, with the acquisition of the Birba cookie brand, the Polish Dr Gerard, and 75% of Carlit, a Puigcerdà company that manufactures prepared dishes such as the popular trinxat de la Cerdanya.