Raventós Codorníu is reviewing its portfolio as Carlyle keeps the sale process open. The Catalan wine group has not ruled out selling selected assets or transferring a minority stake to a new investor. The review follows record net profit of €14 million in the 2025-2026 financial year.
CEO Sergio Fuster said the company is already working on a possible selective divestment. Spanish cava and still-wine wineries remain the group’s priority, he said. Fuster did not specify whether operations in Argentina or California are under review.
Spain is at the center of the business. Raventós Codorníu sees its strongest internal synergies there. The review could lead to asset sales, or to acquisitions in Spanish denominations of origin where the group is not currently present.
The ownership process remains unresolved.
Carlyle owns 68% of Raventós Codorníu and opened the sale process last year. Fuster said the process is ongoing and several offers are being assessed. The options include a transfer of control or the sale of a minority holding. That gives the investment firm more than one way to change its position in the company. The founding Raventós family retains 32%.
The financial figures give Carlyle room to negotiate from a position of strength. Revenue was broadly stable at €197 million in the latest year, rising 1% at constant exchange rates. EBITDA grew 5% to a new record of €46 million. Net profit rose 17% to its highest level. El Confidencial and Economía Digital independently reported the same figures, indicating a profitable business rather than a distressed seller.
Sales volume was weaker. Raventós Codorníu sold 55 million bottles of cava and wine, two million fewer than in 2024-2025. Lower volume alongside higher earnings suggests the company is getting more value from its product mix, rather than relying only on higher sales.
The portfolio includes Codorníu and Vina Pomal, with Raimat also part of the group. Fuster said results have improved for five straight years as brands in several growing segments gained ground. These include white wines and low- or no-alcohol products. Ready-to-serve combinations are another growth area. The company generates 43% of its sales outside Spain, making currency movements and local distribution conditions relevant to its results.
The United States was a weak point during the year because of tariff policy and a crisis affecting the group’s distributor there. Brazil moved in the opposite direction. Revenue tripled, making it the standout market. That contrast helps explain why the portfolio review could involve disposals as well as targeted purchases, rather than a simple retreat from international business.
The capital question will sound familiar to readers following an earlier fund story. Codorníu’s case is more concrete. A controlling investor is examining its exit while the operating company reports record profitability.
Raventós Codorníu is based in Sant Sadurní d'Anoia (Barcelona), basic to its Spanish business. The latest results strengthen the case for keeping that domestic base while Carlyle reconsiders its assets and ownership. The facts point to selective change rather than a forced sale. Profit is at a record, while Spain remains strategically central. Several ownership structures are still available.
