Carlyle Group launches strategic review of majority stake in historic Spanish wine producer Raventós Codorníu

The Carlyle Group, a global investment firm, has started a strategic review of its majority stake in Raventós Codorníu, one of Spain’s most historic wine producers. The company confirmed this week that it has appointed Morgan Stanley and Banco Santander as financial advisors to help assess its options regarding the 68% share it holds in the sparkling wine group. This move comes as part of what Carlyle describes as a “preliminary strategic review process,” which aims to explore different possibilities to support the long-term growth and value creation of Raventós Codorníu.

Carlyle acquired its controlling stake in Raventós Codorníu in 2018, when the company was valued at €390 million (about $451 million at the time). Since then, the wine group has undergone significant changes under the leadership of CEO Sergio Fuster, who took over in 2020. Fuster has overseen a period of strong growth and transformation for the company. Over the past five years, Raventós Codorníu has doubled its profitability and reached record financial results. In its most recent fiscal year (2023–2024), the company reported sales of €232 million and an EBITDA of €39 million, both historic highs for the business.

Raventós Codorníu is recognized as Spain’s oldest wine producer, with roots dating back to 1551. The group operates fifteen wineries across Spain, Argentina, and California, managing a total of 3,000 hectares of vineyards. Earlier this year, it achieved B Corp certification, reflecting its commitment to sustainability and responsible business practices.

The company’s management credits recent success to a series of internal reforms. According to Fuster, Raventós Codorníu is now more agile and competitive thanks to professionalized management structures and diversification across brands and sales channels. The group has also strengthened its position in the premium segment and expanded its international presence.

Spanish media have reported that Carlyle began searching for financial advisors in January 2025. While some local outlets suggest that a sale of Carlyle’s stake is likely, the company maintains that no decisions have been made yet. The review process remains at an early stage, with all options on the table—including a potential change in shareholder structure.

Raventós Codorníu’s performance has attracted attention within the wine industry due to its sustained growth in both sparkling wines like Cava and still wines. The company’s ability to increase market share and profitability during a challenging period for global wine markets is seen as a testament to its resilience and adaptability.

The outcome of Carlyle’s strategic review could have significant implications for both Raventós Codorníu and the broader Spanish wine sector. As one of the world’s leading producers of Cava and a major player in international viticulture, any change in ownership or strategy will be closely watched by industry observers and competitors alike.

For now, Raventós Codorníu continues to operate under its current management team while Carlyle evaluates its next steps. The timeline for any potential transaction or structural change remains uncertain as advisors conduct their analysis and discussions continue behind closed doors.