Spain’s Codorníu Raventós Group has entered exclusive negotiations with the Carlyle Group, which earlier this year bought Accolade Wines for AU$1 billion, to sell a majority stake of its business.
Bruno Colomer Marti, chief winemaker at Codorníu
Investment will come from a European arm of Carlyle – a US based equity investment group – called Carlyle Europe Partners.
This year, Codorníu expects to close its financial year with an EBITDA of €26 million, which it said was a “significant improvement” over the previous year and in line with the company’s long term strategic plan.
“This agreement will help boost the company overseas and consolidate and give continuity to our strategy, centered on building valuable and prestigious brands,” said Mar Raventós, chairwoman of Codorníu.
“After analyzing our various options, we have reached a consensus, agreeing on a solution which has a lot of potential and takes a long-term view on leadership for the company.”
Codorníu Raventós is the oldest family-owned Cava-producer in Spain, with 10 wineries across Spain, Argentina and California and over 3,000 hectares of vineyards.
Alex Wagenberg, managing director of Carlyle Europe Partners, added: “Codorníu Raventós is an exceptional company, poised for global leadership in the Cava and wine industry. The company has a number of first class brands, which are well positioned in the market.
“We hope to build on this successful trajectory by supporting the company with growing its global footprint, both organically and through acquisitions, and to further enhance its position in quality wines. We are proud to support a business with such a strong history and heritage.”
In April, the Carlyle Group bought Australia’s Accolade Wines for AU$1 billion (£548 million), which includes the Hardys and Banrock Station labels.
This deal with Codorníu is expected to close at the end of the year, subject to regulatory approvals.