Carlyle buys Codorníu Raventós

The GP bought a 68% stake in Unideco, the parent company of Codorníu.

The transaction values the company at €390m (around 15x its forecast 2018 EBITDA) and is expected to close at the end of the year.

The GP deployed capital from Carlyle Europe Partners IV, a buyout fund that held a final close on €3.75bn in July 2015, hitting its hard-cap.

The company will use the fresh capital to grow both organically and through acquisitions, bolster its overseas expansion and consolidate its market position.

Company
Established in 1914 and based in Esplugues de Llobregat, near Barcelona, Codorníu Raventós specialises in producing cava, a Spanish sparkling wine made by using the traditional champenoise method. The company owns 10 wineries and 3,000 hectares of vineyards, and has a presence in 100 countries worldwide.

Codorníu Raventós generated revenues of €200m in 2017 and expects to reach EBITDA of €26m in 2018.

People
Carlyle Europe Partners – Alex Wagenberg (managing director).
Codorníu Raventós Group – Mar Raventós (chair).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Carlyle Group
• Spain