Idilia Foods, a diversified Spanish food and drinks firm. has announced the acquisition of 50% of dairy drinks maker Cacaolat from beermaker Damm.
Founded in 1933 in Barcelona, Cacaolat is known for its namesake brand of chocolate milk, as well as Letona and Laccao, and generated turnover of €82 million ($88.1 million) in 2023.
In a statement, Idilia Foods and Damm said the acquisition would allow Cacaolat to combine its iconic brands with the management, marketing and distribution of the ColaCao Energy, ColaCao Shake, and Okey shake brands, supporting the expansion of the smoothie category and strengthening the presence of the brands in national and international markets.
Under the agreement, Cacaolat brand products will continue to be produced at the Santa Coloma de Gramanet facility in Barcelona, and Cacaolat will operate as an independent business.
The deal is subject to approval from the National Markets and Competition Commission.
Source: Idilia / Damm