Is Raventós Codorníu’s owner mulling sale of the Cava giant?
Raventós Codorníu owner Carlyle has appointed advisors to assess the “strategic options” for its stake in the Spanish sparkling wine group.
Investment firm Carlyle has appointed Morgan Stanley and Banco Santander as financial advisors in a “preliminary strategic review process” of its stake in the Spanish wine producer, the company said in a statement shared with db.
The Cava maker was asked to confirm whether Carlyle was considering a sale of its ownership stake as part of the review. In response, it said the review process is “aimed at exploring a range of potential options to support the long-term growth and value creation of Raventós Codorníu”.
It continued: “While a potential change in shareholder structure could be one of the scenarios under consideration, no decisions have been made, and the process remains at an early stage.”
The investment firm acquired its 68% ownership stake in the Spanish wine producer in 2018 when the company was valued at €390m (then $451m).
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Raventós Codorníu, which owns fifteen wineries across Spain, Argentina, and California, was certified B Corp earlier this year. The producer currently has 3,000 hectares of vineyards under management across its estates. It is one of the biggest Cava producers in Spain and is the oldest wine producer in the country, founded in 1551.
Sergio Fuster, the company’s current CEO, was appointed in 2020 and has led Raventós Codorníu in doubling its profitability over a five-year period. The company reached €232m (£198m) in sales and a historic record EBITDA of €39m (£33m) in its most recent fiscal year (2023–2024).
Fuster said of the business: “The company is now more agile, flexible, sustainable, and competitive. We’ve professionalised our management, diversified our brands and channels, and are better prepared than ever to enter a new phase of profitable growth.”
The group began looking for advisers in January, according to local reports. Spanish news outlets have suggested that Carlyle has appointed the two advisors in order to sell its stake in the business.
However, the review could also see the company reinvest or refinance its stake, or alternatively leave it as it is.
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