Spain's Acesur and Dcoop win auction for Carbonell owner Deoleo
What's the deal? Spanish olive-oil groups Acesur and Dcoop have agreed to jointly acquire DeoleoDealroom has a profile for this one. Try Dealroom →, the Spanish company behind brands such as Carbonell and BertolliDealroom has a profile for this one. Try Dealroom →. The deal reportedly values Deoleo at around €500 million, though final terms are still to be negotiated.
Why now? Owners CVC and Alchemy ran a sale process coordinated by William Blair, with binding bids due last week. Deoleo's board chose the Acesur and Dcoop offer over a rival bid from Italy's Coricelli and Spain's MigasaDealroom has a profile for this one. Try Dealroom →.
What tipped it? Both bids valued Deoleo similarly, but the all-Spanish offer gave sellers more certainty of closing and avoided the loss of Spanish control over a company the government deemed strategic. The two groups teamed up partly to strengthen financing and ease competition concerns.
By the numbers: Deoleo closed 2025 with revenue of €821 million, EBITDA of €50 million, and net profit of €19.7 million, after two years of losses. Profitability kept improving in the first half of 2026, when it earned as much as in the whole prior year, helped by lower olive-oil costs.
CVC and Alchemy are selling after steadying the business. Net debt, above €550 million before a 2020 restructuring, now stands at €86 million following last year's refinancing with BlackRock and JPMorgan. Deoleo has 29 brands, 600 employees, and sells in 68 countries, with a notable presence in the US.
What could go wrong? The sector faces volatile crop economics: sales and volumes fell in the first half of 2026, and a larger Spanish harvest outlook adds uncertainty over prices. The interim profit figure also included roughly €13 million in US tariff refunds and a tax benefit.
The signal: The deal marks a change of control in a strategic Spanish sector, keeping one of its biggest brand owners in domestic hands after years of private-equity ownership. It underscores how olive-oil consolidation is being shaped as much by national politics as by price.
Read more: expansion.com
