Deoleo has said its two-biggest investors are reviewing their shareholdings in the world’s largest olive-oil producer.
In a stock-exchange filing from Deoleo’s CEO Cristóbal Valdés, the company pinpointed Ole Investments and the funds ASO Lux 3 and ASO Lux 4.
The Madrid-headquartered company said in the filing the investors and funds are “analysing potential strategic alternatives regarding their investment”.
It added “these alternatives include the possible sale of all, or part of, the Deoleo Group’s assets and businesses”.
Deoleo explained the two ASO funds hold 12.307% and 28.684% of the olive-oil business, respectively. Ole Investments, described as the “majority shareholder”, owns 50.996%, according to the filing.
The pair of Luxembourg-registered ASO funds are operated by UK-headquartered Alchemy Partners. Ole Investments is a Dutch holding company of CVC Capital Partners, which is based in London and Luxembourg, Just Food’s research shows.
Contacted by Just Food for confirmation of the potential shareholding sale plans, CVC Capital declined to comment. Alchemy Partners had yet to respond at the time of writing.
Meanwhile, the El Economista publication in Spain, quoting unnamed sources, listed a number of olive-oil competitors and food manufacturers that are interested in acquiring stakes or ownership in Deoleo.
El Economista reported that olive-oil peer Dcoop in Spain is leading the charge to acquire CVC Capital’s stake for €470m ($549.4m), putting that holding at 57%.
While that differs in size to the 50.996% cited by Deoleo in its exchange filing, CVC Capital took a 57% share in the business in 2014.
It would not be the first time that CVC Capital has sought to divest its interest in Deoleo. In 2023, El Economista reported the private-equity firm had hired financial advisory business Lazard to assist with the sale of its 57% share.
A few months later, CVC Capital was reported to have withdrawn those sale plans as interest waned from potential buyers such as Dcoop, Borges and Acesur.
Fast-forward to this week and El Economista has reported the European companies Coricelli, New Princes Group and Avril, along with Cobram Estate Olives in Australia, are also interested parties in Deoleo.
Just Food contacted those companies, along with Dcoop, for comment on the reports.
Avril and New Princes responded but declined to comment.
Meanwhile, Deoleo indicated it issued the exchange filing in response to “news reports published in various media outlets”.
It added: “To date, no definitive decision has been made and Deoleo is unaware of whether the ongoing process will result in a specific transaction or, if so, the terms under which it might be carried out.”
Deoleo operates a local factory in Alcolea, Córdoba, and another in Italy in Tavarnelle, Florence.
It counts Bertolli, Carapelli and Carbonell as its most renowned brands among a portfolio that helped the company generate annual sales of €821m last year, down from €996.6m in 2024.
In its half-year results issued in July, the company reported an 8.7% decline in sales to €393.2m as volumes fell 2.9%.
However, net profit surged to €19.4m from €1.7m a year earlier, while EBITDA increased 52% to €33m.
