CapVest acquires chocolate maker Natra

Funds managed by CapVest Partners LLP, an international private equity investor, have entered into a definite agreement to acquire Natra, a European producer and distributor of chocolates and cocoa products, from Investindustrial.

Established in 1943, Natra is a producer chocolate bars, pralines, tablets and spreads which it sells 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. With a turnover in excess of €410 million in 2021, 1,000 employees and six production plants in Spain, Belgium, France and Canada, Natra combines traditional European chocolate making with constant innovation to meet changing tastes and needs of consumers around the world. Through its “Bean to Bar” programme it is highly committed to sustainable sourcing, procurement, production and growth.


Dominique Luna, CEO of Natra, said: “This transaction is a great reflection of the quality of our people, our business and our products. 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 of ‘Spreading our Passion for Chocolate around the World!’. Partnering with Investindustrial to build the business in recent years has been a great experience and we would like to thank them for their support and significant investments in upgrading our manufacturing footprint, internal capabilities and ESG initiatives that has resulted in building a strong platform for the future.”


Commenting on the transaction, Kristian Nikinmaa, Principal at 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.”


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


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