Raventós Codorníu has posted its highest net profit while reviewing possible asset sales. Carlyle is still considering offers for a majority or minority stake.
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 comes after net profit reached a record €14 million in the 2025-2026 financial year.
CEO Sergio Fuster said the company is already working on a possible selective divestment. He also said Spanish cava and still-wine wineries remain the group’s priority. Fuster did not say whether operations in Argentina or California are specifically under review.
Carlyle’s broader portfolio strategy includes both partial and full exits from portfolio companies, making a minority investment or a transfer of control plausible routes in the Codorníu process.
Spain is the center of the business. Raventós Codorníu sees its strongest internal synergies there. The review could lead to asset sales, but it could also bring 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 still moving and that 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%.
Independent reporting by El Confidencial and Economía Digital confirms that the review has not identified specific assets in Argentina or California for sale. The available reporting refers instead to potentially non-strategic activities and keeps Spanish cava and still-wine operations at the centre of the group’s plans.
The financial figures give Carlyle room to negotiate from a position of strength. Revenue was broadly stable at €197 million in the latest year and rose 1% at constant exchange rates. EBITDA reached a new record of €46 million after growing 5%. Net profit increased 17% to its highest level. El Confidencial and Economía Digital independently reported the same figures, pointing to 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 instead of relying only on higher sales.
The portfolio includes Codorníu, Vina Pomal and Raimat. Fuster said results have improved for five straight years as brands in several growing segments gained ground. These include white wines, low or no-alcohol products and ready-to-serve combinations. The company generates 43% of its sales outside Spain, so currency movements and local distribution conditions matter 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. The contrast helps explain why the portfolio review could involve both disposals and targeted purchases instead of 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), at the heart of its Spanish business. The latest results strengthen the case for keeping that domestic base while allowing Carlyle to reconsider its assets and ownership. The facts point to selective change rather than a forced sale. Profit is at a record, Spain remains strategically central and several ownership structures are still available.
