Deoleo is about to change hands again

Deoleo is nearing another change of ownership, with investment funds CVC and Alchemy weighing an exit and a sale to an industrial partner. The olive-oil company has attracted several bidders for brands including Carbonell, Bertolli, Carapelli and Koipe.

The company confirmed to Spain’s stock-market regulator on August 19 that its owners were “analyzing possible strategic alternatives”, including a full or partial sale of assets and businesses. Its share price rose as much as 24% that day.

After months of negotiations, Italy’s Coricelli initially appeared best placed to acquire Deoleo. Spain’s DCoop then submitted a €470 million offer, while Acesur bid €460 million. Coricelli raised its offer to €500 million and requested exclusive negotiations. The acceptance deadline expired this week, but shareholders decided to allow more time.

Deoleo now has revenue of €820 million, 642 employees and operations in 68 countries. Spain, Italy and the United States account for 60% of its business. According to Euromonitor, it leads the global olive-oil distribution market with an 8.3% share.

The company increased EBITDA by 50% last year to €50 million and recorded net profit of nearly €20 million, reversing its 2024 loss. Its brands and international strategy have helped strengthen its appeal. Bertolli alone is valued at €263 million, while Deoleo’s brands are valued at more than €500 million.

That position follows a difficult expansion. In 2008, Sos Cuétara bought Unilever’s global Bertolli olive-oil and vinegar business for €630 million. The group already owned Koipe and Carbonell and had also acquired Minerva and Carapelli. To finance the expansion, it sold its biscuit business and took on a syndicated loan of €994 million, beginning a period of debt and restructuring that shaped Deoleo’s later history.

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Analyzing possible strategic alternatives