Raventós Codorníu wine barrels. Credit: Raventós Codorníu /LinkedIn

The owner of Raventós Codorníu, Carlyle, has appointed advisors to advise on “strategic options” for its stake in the Spanish sparkling wine group.

In a statement, Raventós Codorníu said the investment firm had picked Morgan Stanley and Banco Santander “to support the analysis of strategic options regarding the fund’s majority stake (68%) in the company.”

When asked to confirm whether a sale of its stake was one of the options being considered in the review, Raventós Codorníu said that it had started a “preliminary strategic review process” which would explore “a range of potential options to support the long-term growth and value creation of Raventós Codorníu”.

It added: “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.”

Carlyle acquired its owning stake in the Cava and still wines maker in 2018, when the business was then valued at €390m (then $451m).

The private equity and asset management firm declined comment when approached by Just Drinks.

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In its most recent 2023-2024 fiscal year, Raventós Codorníu booked €232m ($268m) in sales and €39m in EBITDA. It expects to see €50m in EBITDA “in the near term”.

Sergio Fuster, CEO of Raventós Codorníu, said: “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.”

Local reports from Spanish outlets including ASA and Expansión, suggest advisors have been appointed to assist with divesting Carlyle’s stake.

Unnamed market sources told Expansión a sale process was not expected to start until the later half of 2025 or early next year.

The group reportedly started its search for advisors in January.

Carlyle could choose not to sell the stake at all, but instead reinvest or refinance its stake in Raventós Codorníu, or simply keep it as it is, according to Expansión.

It also noted that if the winemaker’s owner proceeds with a sale, it would likely earmark industrial buyers.

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