Cava maker Codorníu Raventós close to takeover deal with Carlyle Group
Codorníu Raventós has said it is in exclusive talks to sell control of its business to a European division of the Carlyle Group, the US-based private equity firm that also bought Hardys owner Accolade Wines via its Asia subsidiary earlier this year.
Codorníu Raventós Group, one of Spain’s major Cava sparkling wine producers, said that it was discussing selling a majority stake in its business to ‘funds managed by the Carlyle Group’. It added that investment would come from Carlyle Europe Partners.
Based on recent talks, the deal would value Codorníu at 390 million euros. The precise size of the potential stake to be sold was not disclosed.
A sale was expected to complete by the end of 2018, subject to due diligence and regulatory approval, Codorníu said.
Mar Raventós, chairwoman of Codorníu, said that she was pleased with the preliminary agreement made with Carlyle Europe Partners.
‘This agreement will help boost the company overseas and consolidate and give continuity to our strategy centered on building valuable and prestigious brands.’
She added, ‘After analysing various options we have reached consensus, agreeing on a solution which has a lot of potential and takes a long-term view on leadership for the company.’
Codorníu Raventós Group said it expected to make operating profits, or EBITDA, of 26 million euros in its current financial year, which it described as a ‘significant improvement on the previous year’s results.’
Codorníu Raventós has 10 wineries in Spain, Argentina and California, and more than 3,000 hectares of vineyards.
If the deal goes ahead then it would be the second large wine acquisition associated with the Carlyle Group in 2018.
In April, Champ private equity and Constellation Brands announced the sale of Hardys owner Accolade Wines to the Carlyle Group in a deal worth one billion Australian dollars.
Funding for that deal came from Carlyle Asia Partners and the takeover completed on 1 June.