The US investment company Carlyle Group is now taking over the Spanish cava producer Codorníu Raventos for 390 million euros. In April, the Cava company had rejected Carlyle's offer. According to a statement by the Carlyle Group, the transaction should be completed by the end of the year. Not all details have been clarified yet. The oldest family-run cava producer in Spain will close the current business year with an unexpectedly high profit before taxes and depreciation (EBITDA) of about 26 million euros, Carlyle announced.
Codorníu Raventos currently owns ten wineries in Spain, Argentina and California as well as 3,000 hectares of vineyards. The deal is the second big investment of the financial investor in the wine industry. In April 2018, the investors bought the Australian wine group Accolade Wines for about 630 million euros. It owns 46 wine brands, which are distributed in 140 countries around the world.
(uka)