Capsa Food

What Capsa Food does

Capsa Food (legal name Corporación Alimentaria Peñasanta S.A.) is the leading Spanish dairy company, headquartered in Siero, Asturias, operating six production centers across Spain and distributing to more than 50 countries internationally. The company produces and markets a full dairy portfolio — liquid milk, cream, butter, cheese, and yogurt — anchored by the Central Lechera Asturiana brand (the third most chosen brand in Spain, present in 56.7% of Spanish households), Larsa (Galician market leader for five consecutive years), ATO, Flor de Burgos (cheese), Innova Food Ingredients, and Vega de Oro. Capsa Food owns Central Lechera Asturiana SAT, a cooperative of 6,594 farmer-members providing vertically integrated raw milk supply (825 active suppliers, 839.3 million liters annually), and operates agricultural and circular-economy subsidiaries ASA, ASEAGRO, CLAS Gestión, and BIOGASTUR.

The portfolio has been deliberately extended beyond core dairy into plant-based beverages (Vegetanea, launched July 2022 with soy, oat, almond, and rice drinks), precision nutrition (39ytu microbiome-based personalization), organic snacks (ASANA BIO), cheese (Flor de Burgos fully acquired 2023, 40% of Quescrem acquired July 2024), natural isotonic drinks (RAW Superdrink investment), and pet food (DAIRYPET/YOWUP via CAPSA VIDA). CAPSA VIDA, launched in October 2019 with a €5 million budget, functions as the company's external innovation and impact-investment vehicle, with partnerships spanning KM ZERO Food Innovation Hub, IMOMA (oncological and molecular medicine), Cantabria Labs (pharmacy-channel nutrition), Catholic University of Murcia (probiotics JV), and Entomo Agroindustrial (insect-based waste bioconversion).

The business model is predominantly transactional product sales through mass-market retail grocery (56.7% household penetration), a leading foodservice/hosteleria channel (40% market share), vending (via Delikia partnership), e-commerce, and international distributor networks. Standalone revenue reached €968.5 million in 2023 (8% YoY growth), with group consolidated revenue of €1.0547 billion and international revenue exceeding €100 million. Pricing is unit-based (e.g., Vegetanea retail pricing of €1.24-€1.74 per carton). The company pursues a Triple Impact (economic, social, environmental) strategy and holds multiple first-mover certifications including B Corp (June 2020, recertified May 2025), AENOR carbon-neutral (scope 1+2), zero-waste, certified circular economy strategy, EFQM 500+ European Excellence, and continuous Top Employer status since 2016.

Name

Capsa Food

Legal name

Corporación Alimentaria Peñasanta S.A.

Website

https://capsafood.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Capsa Food is Spain's leading dairy company producing milk, cream, butter, cheese, and yogurt under brands including Central Lechera Asturiana and Larsa. The cooperative-owned firm operates six production centers, exports to 50+ countries, and is expanding into plant-based beverages and precision nutrition.

Ownership category

akta.pro rank

Product category

Dairy Products

NAICS

Dairy Product Manufacturing (3115), Dairy Product (except Frozen) Manufacturing (31151), Food Manufacturing (311)

SIC

Dairy Products (2020), Food And Kindred Products (2000)

akta.pro primary industry

Yogurt & Cultured Dairy (Yogurt, Kefir, Sour Cream, Cottage Cheese) (CRADACAB)

Keywords

• Dairy products manufacturing
• Plant-based beverages
• Cheese production
• Foodservice distribution
• Sustainable dairy farming

Headquarters

HQ city

Siero

HQ country

Spain

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Dairy Product Sales: Sales of liquid milk, cream, butter, cheese, and yogurt products through retail, foodservice, and B2B channels in Spain and international markets.
2. Plant-Based Alternatives: Sales of Vegetanea brand 100% vegetable drinks (soy, oat, almond, rice) positioned for lactose-intolerant consumers, flexitarians, and vegetarians.
3. International Export: International sales contributing over 50% of results with revenue exceeding 100 million euros, presence in over 50 countries.
4. Functional Nutrition Products: Specialized nutritional products through pharmacy channel in partnership with Cantabria Labs for patients with higher nutrient requirements.
5. Pet Food (DAIRYPET/YOWUP): Investment in pet food startup through CAPSA VIDA vehicle.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Capsa Food manufactures and distributes a multi-brand portfolio of dairy products (liquid milk, cream, butter, cheese, yogurt) and adjacent food categories including plant-based beverages (Vegetánea), food ingredients (Innova Food Ingredients), and functional/precision nutrition products (39ytu). The company sells these products through Spanish retail grocery, foodservice/hospitality, vending, and international distributor networks spanning more than 50 countries, while supporting its supply chain through a cooperative of over 6,594 livestock farmer partners.

Product overview

CAPSA FOOD (Corporación Alimentaria Peñasanta S.A.) is a Spanish dairy company operating as a multi-brand portfolio. The core offering centers on Central Lechera Asturiana (the leading Spanish dairy brand), alongside regional brands Larsa (Galicia), ATO, Flor de Burgos (cheese), Innova Food Ingredients, and Vega de Oro. The company has expanded into adjacent categories including plant-based beverages (Vegetánea), organic foods (ASANA BIO), precision nutrition (39ytu), organic isotonic drinks (RAW Superdrink), and pet food (through DAIRYPET/YOWUP investment). CAPSA FOOD also operates CAPSA VIDA, its impact investment vehicle for food innovation. The group includes subsidiaries ASA (agricultural services), ASEAGRO, CLAS GESTIÓN, and BIOGASTUR (circular economy).

Differentiator

Problem solved

Functional benefit

Brands

• Central Lechera Asturiana: Primary dairy brand - milk, cream, butter products
• Larsa
• ATO
• Flor de Burgos
• Vega de Oro
• Innova Food Ingredients
• Vegetanea
• CAPSA VIDA
• 39ytu
• ASANA BIO
• El Maestro Quesero

Products and services

• Central Lechera Asturiana

Quantifiable outcome

• Third most chosen brand in Spain, present in 56.7% of households
• +3 more outcomes

Named customers1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

16 partnerships are on record, tiered minor and core.

• EDPminorStrategic or Co-development Partner · 1 January 2023Renewed agreement to promote energy self-consumption among livestock farmers, supporting environmental sustainability in farming operations.
• ARCA (Asturias Rural Accommodation Association)minorGTM or Marketing Partner · 1 January 2022Joint MOVILIZATE #porturural movement supporting rural tourism and natural space protection through 'Change of Scenery' initiative.
• Central University Hospital of AsturiascoreStrategic or Co-development Partner · 1 January 2022Leading microbiota study in elderly population with 35+ multidisciplinary researchers to characterize intestinal metagenome for healthy aging.
• Grupo El GaiterocoreGTM or Marketing Partner · 19 October 2021Cheese and cider pairing promotion project 'Queso y sidra, sidra y queso' showcasing Asturian gastronomic tradition through virtual tastings, cross sales, and joint events.
• Asturias Paraíso Natural International Cheese FestivalcoreGTM or Marketing Partner · 20 July 2021Preferred partner status for the international cheese festival, promoting dairy sector and Asturias through cheese market presence, championship sponsorships, and recipe books.
• SODECOminorStrategic or Co-development Partner · 25 June 2021CAPSA VIDA and SODECO partnership to promote economic development and environmental clean-up in mining regions.
• KM ZERO Food Innovation HubminorStrategic or Co-development Partner · 13 April 2021Collaboration to promote disruptive startups in the agri-food sector, combining CAPSA FOOD's industry expertise with KM ZERO's innovation ecosystem.
• CHEPminorStrategic or Co-development Partner · 9 March 2021Collaborative transport solutions with Henkel and CAPSA FOOD to reduce emissions and empty kilometers through shared pallet pooling.
• DelikiacoreStrategic or Co-development Partner · 22 July 2020Three-year collaboration agreement between CAPSA FOOD (leading Spanish dairy) and Delikia (leading Spanish vending machine operator) to innovate products and processes in the vending channel.
• IMOMA (Asturias Institute of Oncological and Molecular Medicine)coreStrategic or Co-development Partner · 4 December 2019Partnership for scientific and technological development of products and services aimed at improving health through precision nutrition and microbiome research.
• LEGOminorGTM or Marketing Partner · 28 November 2019Collaboration to promote knowledge about nutrition and child development, leveraging LEGO's brand appeal for educational content.
• Entomo AgroindustrialminorStrategic or Co-development Partner · 14 November 2019Joint project for insect-based waste bioconversion technology transforming industrial waste into animal feed ingredients.
• NortpaletminorStrategic or Co-development Partner · 29 October 2019Partnership to manufacture plastic pallets from recycled waste, supporting circular economy and sustainability objectives.
• Catholic University of MurciaminorStrategic or Co-development Partner · 1 January 2019SAN ANTONIO BIOTICS joint venture for functional probiotics research designed for clinical, preventive, and therapeutic applications related to microbiota.
• Cantabria LabscoreStrategic or Co-development Partner · 1 January 2018Joint development and commercialization of NMCLA nutritional formula line for pharmacy channel, consisting of complete liquid diets for patients with higher nutrient requirements.
• LIBERA Project (SEO/BirdLife and ECOEMBES)minorGTM or Marketing Partner · 1 January 2017Anti-littering initiative 'LIBERA unidos contra la basuraleza' to keep natural spaces free of garbage through community clean-up events.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Danone: Danone is a Paris-listed global food company with a major dairy and plant-based portfolio (including Alpro). It is comparable to Capsa Food as a multi-brand dairy leader with a strategic plant-based expansion (Vegetanea parallels Alpro).
• Schreiber Foods: Schreiber Foods is a US-based private dairy company specializing in cheese, yogurt, and cream cheese for retail and foodservice. It is comparable to Capsa Food as a private dairy manufacturer with strong foodservice relationships and cheese category focus (similar to the Flor de Burgos and Quescrem acquisitions).
• Lactalis: Lactalis is the world's largest dairy company and a private French multinational producing milk, cheese, butter, and cream. It is comparable to Capsa Food as a multi-brand dairy manufacturer with extensive international reach and a similar multi-category portfolio.

Direct peers

• Arla Foods: Arla Foods is a Danish-Swedish dairy cooperative owned by farmers across multiple European countries, producing milk, yogurt, butter, and cheese. It is directly comparable to Capsa Food given its cooperative farmer-owned structure, multi-brand strategy, and strong European retail presence.
• FrieslandCampina: FrieslandCampina is a Dutch dairy cooperative owned by farmers, producing milk, cheese, butter, and ingredients globally. It is directly comparable to Capsa Food given its cooperative ownership structure, farmer-member model, and broad dairy portfolio with international reach.
• Savencia Fromage & Dairy: Savencia is a French dairy company specializing in cheese and dairy specialties with global operations. It is comparable to Capsa Food given its cheese category focus and European multi-brand approach similar to the Flor de Burgos strategy.
• Müller: Unternehmensgruppe Theo Müller is a German dairy company producing milk, yogurt, and cheese under the Müller and Weihenstephan brands. It is comparable to Capsa Food as a multi-brand European dairy manufacturer with strong retail presence in adjacent geographies.
• Sodiaal: Sodiaal is France's leading dairy cooperative, owned by French farmers, producing milk, butter, cheese, and yogurt under brands like Yoplait and Candia. It is directly comparable to Capsa Food given its cooperative farmer ownership model and full-category dairy portfolio.
• DMK Deutsches Milchkontor: DMK is one of Germany's largest dairy cooperatives, producing milk, cheese, butter, and ice cream under brands like Milram and Oldenburger. It is directly comparable to Capsa Food as a European dairy cooperative with similar scale (~€4B revenue), multi-brand strategy, and foodservice exposure.
• Grupo Leche Pascual: Grupo Leche Pascual is a Spanish dairy company producing milk, yogurt, and other dairy products under the Pascual and Bezoya brands. It is directly comparable to Capsa Food as a head-to-head Spanish dairy competitor with overlapping retail and foodservice channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capsa/?originalSubdomain=es

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capsa Food