In a new episode of Fusiones y Adquisiciones, Albia IMAP’s podcast, we talk to Bernardo Monclús, CFO of Idilia Foods, the company behind iconic Spanish brands such as ColaCao, Nocilla and Paladín.
With Bernardo, we explore how a family-owned business has managed to sustain leadership in categories where global multinationals dominate many markets, and which levers Idilia is pulling to keep growing: innovation, international expansion and M&A.
From finance to FMCG: Bernardo’s profile
An industrial engineer with an MBA from IESE, Bernardo has more than 25 years of finance experience, with previous roles in food (United Biscuits, Panrico) and pharma/consumer health (Novartis/GSK), before joining Idilia in 2019 as CFO.
What attracted him to the role: a company with a long-term vision, a strong transformation agenda and, above all, the ambition to pursue inorganic growth, where the CFO plays a truly end-to-end role.
Idilia Foods: heritage, brand strength and relentless consumer focus
During the conversation, Bernardo highlights a key point: Idilia competes in categories where global leaders (Nesquik in cocoa powder, Nutella in cocoa spread) dominate many markets… but not in Spain, where ColaCao and Nocilla have maintained leadership through sustained investment in brand, product and emotional connection with consumers.
The episode also revisits some of the company’s story: from the origins of Nutrexpa (La Granja San Francisco honey and the launch of ColaCao in post-war Spain, with its iconic radio advertising), to the 2015 split that created Idilia as an independent cocoa-focused company.
Growth with intent: innovation + M&A to enter new categories and markets
Idilia operates in mature markets, so growth relies on two clear paths:
- New categories and formats (cookies, snack bars, etc.).
- Inorganic growth, pursued through a “deliberate and systematic” approach rather than opportunistic deals—starting with Spain and then expanding into Europe.
In this context, Bernardo discusses two recent milestones:
- The Cacaolat joint venture (2024) with Damm to accelerate growth in ready-to-drink beverages.
- The acquisition of a UK shakes company (Shaken Udder), aligned with Idilia’s strategic goal of geographic and portfolio diversification.
The elephant in the room: cocoa volatility and its strategic impact
One of the most compelling moments comes when Bernardo explains what has happened to cocoa prices over the last two years: prices have at times tripled versus historical averages, with extreme peaks driven by poor harvests, sustained demand and speculative investor activity.
The impact on FMCG is clear: meaningful price increases for consumers (for example, in soluble cocoa the episode mentions increases in the range of 30–40%).
The strategic conclusion? Rather than slowing down, this volatility reinforces the logic of Idilia’s plan: diversify, build scale and drive efficiency to protect profitability in a more demanding cost environment.
How brands are evolving in FMCG: private label, new media and out-of-home consumption
Bernardo also shares three major dynamics shaping Spain’s FMCG landscape:
- The growing weight of private label, especially in a country with high private-label penetration—making brand-building more important than ever.
- The shift in communication from traditional channels to a mix where digital plays an increasingly central role.
- The focus on out-of-home consumption (hospitality), with a clear ambition: to make it easy for consumers to order a ColaCao “at any time of day,” beyond breakfast at home.
Listen to the full episode
If you want to understand how a company with long-standing brands combines innovation, international expansion and M&A, and how it navigates a challenging environment such as cocoa price volatility, don’t miss the full conversation with Bernardo Monclús (CFO of Idilia Foods).
Click here to listen on Spotify
