The condensed and evaporated milk industry in Europe centers on the production of milk products that undergo processes to prolong shelf life. Companies in this sector range from large multinational corporations to niche producers focused on innovation. They provide various offerings, including sweetened and unsweetened products used in cooking, baking, and beverages. Recent trends show a curiosity for plant-based alternatives, shifting market dynamics. As consumer preferences evolve, companies are leveraging technology to enhance production efficiency while addressing environmental impacts, making this industry a critical player in the broader food sector.


The investors listed here comprise a mix of private equity, corporate, and venture capital firms, headquartered principally in Europe. Founded between 1935 and 2017, these organizations vary significantly in size, with some employing over 10,000 people. In 2024, they collectively engaged in numerous investments within the food sector, notably targeting companies involved in dairy and related technologies, which are pivotal for the condensed and evaporated milk realm.


Top 15 Condensed and Evaporated Milk Investors in Europe


1. Crowdcube

  • Website: crowdcube.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2010
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: crowdcube-limited

Crowdcube is a London-based crowdfunding platform founded in 2010 that enables businesses to raise capital through equity investments. It connects startups and SMEs with potential investors, facilitating the funding process while promoting diversity and inclusion within its workforce. In recent years, Crowdcube has been involved in several notable transactions within the food and beverage sector, including investments in Modern Milkman, which raised $677,806 in November 2022, and Minor Figures, which raised $228,696 in February 2015. These transactions highlight Crowdcube's engagement with companies that operate in the milk industry, making it a relevant player in the condensed and evaporated milk market.


2. Unigrains

  • Website: unigrains.fr
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1963
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: unigrains

Unigrains is a Paris-based private equity firm founded in 1963, specializing in the agro-food and agro-industry sectors. With over 60 years of experience, Unigrains has supported more than 1,000 companies, providing financial and strategic support to help them adapt to market changes. The firm manages significant assets aimed at fostering growth and sustainability in agriculture and food production. Notable transactions include investments in Eurial Group, a company involved in dairy production, and Agrial, which also operates in the dairy sector. These transactions highlight Unigrains' commitment to the agro-food industry, making them a potential player in the condensed and evaporated milk market.


3. Blue Horizon

  • Website: bluehorizon.com
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: bluehorizoncorp

Blue Horizon is a Zurich-based venture capital firm founded in 2016, dedicated to investing in sustainable food systems. The firm supports mission-aligned founders in the bioeconomy by providing funding and resources to scale innovative solutions, particularly in alternative proteins and sustainable practices. Notably, Blue Horizon has invested in Heartbest Foods, a Mexican supplier of plant-based cheese and milk, with a $2 million investment in their Series A funding round. This investment highlights their commitment to the dairy alternative market. Additionally, they have participated in funding rounds for other companies like Change Foods and BIOMILQ, which focus on innovative food products, further emphasizing their alignment with sustainable food initiatives.


4. CPT Capital

  • Website: cptcap.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: cpt-capital

CPT Capital is a venture capital firm based in London, England, founded in 2017. The firm specializes in investments within the alternative protein sector, partnering with innovative startups to provide funding and strategic support aimed at revolutionizing food and materials technology. Their mission is to replace animal-derived products with sustainable solutions that address the challenges of traditional animal protein production. Notable transactions include participation in funding rounds for companies like Miyoko’s Kitchen, which focuses on plant-based dairy products, and Remilk, an Israeli cultivated dairy start-up that raised $120 million to expand its production of animal-free protein. These investments highlight CPT Capital's commitment to supporting the development of alternative dairy products, which aligns with the growing market for condensed and evaporated milk alternatives.


5. Nestlé

  • Website: nestle.com
  • Type: Corporate
  • Headquarters: Vevey, Vaud, Switzerland
  • Founded year: 1866
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: nestle-s-a-

Nestlé S.A. is a multinational food and beverage company founded in 1866, headquartered in Vevey, Vaud, Switzerland. With over 10,000 employees, Nestlé offers a wide range of products, including coffee, dairy, and pet care items. The company is committed to sustainability and provides nutritious food options globally. Notable transactions include the acquisition of Yinlu in 2018, which may have included dairy products, and the acquisition of Wyeth Nutrition's Malaysian unit in 2023, enhancing their nutrition category. Although these transactions do not specifically mention condensed or evaporated milk, Nestlé's extensive involvement in the dairy sector indicates a potential interest in these products.


6. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity investment firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made significant investments in the food sector, including the acquisition of Dodoni, a Greek dairy brand, which they aim to leverage for growth in the specialty cheese sector. This transaction highlights their strategic interest in dairy products, which aligns with the condensed and evaporated milk industry. Additionally, CVC's acquisition of Continental Foods Belgium SA further demonstrates their commitment to the food industry, although it is not directly related to condensed and evaporated milk. Overall, CVC's activities in the dairy sector position them as a relevant investor in the broader context of dairy products.


7. IDIA Capital Investissement


IDIA Capital Investissement is a private equity firm based in Montrouge, Île-De-France, France, founded in 1980. The firm specializes in supporting small and medium-sized enterprises (SMEs) and mid-sized companies (ETIs) in their growth, particularly in sectors such as agro-food, energy transition, and viticulture. IDIA Capital Investissement has been involved in several significant transactions within the agro-food sector, including investments in companies like Sodiaal, a major dairy cooperative, and Agrial, which is known for its dairy products. They also invested in Eurial Group and Polenghi Group, both of which are involved in dairy and food production. These investments highlight IDIA's strategic focus on the dairy industry, making them a key player in the market for condensed and evaporated milk.


8. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a corporate investor based in Antwerp, Flanders, Belgium, specializing in the distribution of specialty chemicals and providing innovation services. Founded in 2001, the company serves over 63,000 customers across various sectors, including life sciences and industrial markets. In 2024, Azelis has been active in expanding its portfolio through several acquisitions in the food ingredients sector. Notably, they acquired Hortimex, a Polish distributor focused on food ingredients and nutraceuticals, which enhances their presence in the Food & Nutrition market. Additionally, their acquisition of Gillco Ingredients, a provider of specialty ingredients in the US food and nutrition market, further strengthens their capabilities in food-related sectors. These strategic moves indicate Azelis's commitment to enhancing its offerings in food ingredients, which may include components relevant to the condensed and evaporated milk industry.


9. Ardian

  • Website: ardian.com
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 21
  • LinkedIn: ardian

Ardian is a prominent investment management firm based in Paris, specializing in private equity, real assets, and credit solutions. Founded in 1996, Ardian has established a global presence and focuses on sustainable finance, aiming to create lasting value for its clients. Notable transactions include the acquisition of Frulact, a natural food ingredients supplier, and Florida Food Products, which reflects Ardian's strategy to invest in mid-and large-cap companies within the food sector. These investments indicate Ardian's interest in the food industry, which may encompass areas related to condensed and evaporated milk, although it does not exclusively target this niche.


10. Orkla ASA

  • Website: orkla.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, specializing in branded consumer goods, aluminium solutions, and financial investments. Founded in 2017, Orkla operates through various sectors, including food, snacks, health, and personal care items. The company has made significant strides in the food ingredients market, particularly through its subsidiary Orkla Food Ingredients. Notable transactions include the acquisition of Denali Ingredients, an 84% stake in a leading supplier of ice cream ingredients in the USA for USD 200 million, and the acquisition of Hadecoup, a Belgian company focused on ice cream ingredients. These strategic moves enhance Orkla's position in the dairy and ice cream sectors, indicating a strong alignment with the condensed and evaporated milk industry.


11. Associated British Foods plc


Associated British Foods plc (ABF) is a diversified food, ingredients, and retail company based in London, England. Founded in 1935, ABF operates across various sectors, including food manufacturing and retail, providing a wide range of products such as sugar, baker's yeast, and clothing. In 2023, ABF announced its acquisition of National Milk Records, a dairy technology firm, for £48 million. This strategic move aims to enhance ABF's agri-food unit, AB Agri, which supports over 2,000 UK dairy farms, thereby improving efficiency and productivity in the dairy industry. This acquisition highlights ABF's commitment to the dairy sector, which is relevant to the production of condensed and evaporated milk, making it a significant player in this market.


12. Kerry

  • Website: kerry.com
  • Type: Corporate
  • Headquarters: Naas, Kildare, Ireland
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: kerry

Kerry is a corporate investor based in Naas, Kildare, Ireland, founded in 1972. The Kerry Health and Nutrition Institute focuses on advancing science for healthier food, providing resources and research to support professionals in the food and beverage industry. Notably, Kerry has made several acquisitions that align with the dairy sector, including Ornua, a company that specializes in dairy products, and LactoSens, which may be involved in dairy processing. These transactions highlight Kerry's commitment to expanding its footprint in the dairy market, making them a relevant investor in the condensed and evaporated milk industry.


13. Kima Ventures

  • Website: kimaventures.com
  • Type: Venture Capital
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 2010
  • Headcount: 1-10
  • Number of deals in 2024: 50
  • LinkedIn: kima-ventures

Kima Ventures is a venture capital firm based in Paris, Île-De-France, France, founded in 2010. The firm specializes in investing in early-stage startups across various sectors, backing two startups per week with financial support and mentorship to help them navigate initial challenges and achieve success. Among their notable transactions, Kima Ventures participated in a €3 million Seed funding round for Numi, a French milktech startup, which aims to innovate within the dairy sector. This investment highlights Kima's engagement in the milk industry, alongside other investments in diverse sectors such as food and technology, including companies like Willy anti-gaspi, La Belle Vie, Collectiv Food, and Umiami.


14. Tikehau Capital


Tikehau Capital is an investment management firm based in Paris, Île-De-France, France, specializing in alternative asset management. Founded in 2004, the firm offers a diverse range of services, including private debt, private equity, real assets, and capital markets strategies. Tikehau Capital caters to institutional and private investors, as well as SMEs, providing tailored financing solutions to support growth and sustainability initiatives. Notably, Tikehau Capital has engaged in several debt financing transactions with companies in the dairy sector, such as Maîtres Laitiers du Cotentin and Isla Délice, which are involved in the production and distribution of dairy products, including condensed and evaporated milk. These transactions highlight Tikehau's active role in supporting the dairy industry, reinforcing their relevance to the condensed and evaporated milk market.


15. Ldc

  • Website: ldc.co.uk
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1981
  • Headcount: 51-200
  • Number of deals in 2024: 15
  • LinkedIn: ldc

Lloyds Development Capital (LDC) is a private equity firm based in London, England, specializing in providing growth capital and strategic support to mid-market businesses across various sectors. Founded in 1981, LDC is part of Lloyds Banking Group and focuses on fostering long-term partnerships to drive business success. Notably, LDC has made significant investments in the food and beverage sector, including a minority investment in Shaken Udder, a premium milkshake company, which has seen substantial growth and aims to expand its product offerings and market reach. Additionally, LDC has acquired companies like Addo Food Group and The ComplEAT Food Group, further demonstrating its active role in the food industry. These transactions highlight LDC's commitment to supporting businesses that align with consumer trends, including those in the dairy segment.



Condensed and Evaporated Milk Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
CrowdcubeLondon, England, United Kingdom (UK)51-20020103
UnigrainsParis, Île-De-France, France51-20019634
Blue HorizonZurich, Zurich, Switzerland11-5020162
CPT CapitalLondon, England, United Kingdom (UK)1-1020171
NestléVevey, Vaud, Switzerland10001+18662
CvcLuxembourg1001-5000200516
IDIA Capital InvestissementMontrouge, Île-De-France, France11-5019801
AzelisAntwerp, Flanders, Belgium1001-500020015
ArdianParis, Île-De-France, France1001-5000199621
Orkla ASAOslo, Oslo, Norway10001+20171
Associated British Foods plcLondon, England, United Kingdom (UK)10001+19351
KerryNaas, Kildare, Ireland10001+19721
Kima VenturesParis, Île-De-France, France1-10201050
Tikehau CapitalParis, Île-De-France, France501-100020046
LdcLondon, England, United Kingdom (UK)51-200198115


Want to find more investors focusing on the condensed and evaporated milk industry?

If you want to find more investors that are active in the condensed and evaporated milkindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.

With Inven, you'll also get to know:

  • Deal History: Number of deals and their sizes.
  • Portfolio: Companies they've invested in.
  • Contact data: Key dealmakers, including their emails and phonenumbers.
  • ...and much more!