Codorníu Spurns Offer From Carlyle Group, But Says It’s Open To Selling A Minority StakeApril 20, 2018
On the heels of Henkell & Co.’s acquisition of a controlling stake in Freixenet, rival Cava producer Codorníu says it has rejected a buyout offer from the Carlyle Group but is considering selling a minority stake in the company. According to Reuters, Codorníu is currently seeking buyers for an undisclosed stake in the company after a portion its 216 shareholders announced plans to sell. Codorníu reported €236 million ($292m) in revenue for the year ending June 2017, and has a wholly-owned U.S. subsidiary, Aveníu Brands. In the U.S., the company has been focusing on its Anna de Codorníu brand, which plays in the $10-$15 segment. For the Carlyle Group, the play for Codorníu signals further interest in growing its exposure to the wine category. Earlier this month, the U.S.-based investment firm snapped up Australia’s Accolade Wines for about $770 million.—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.