Key Takeaways
- NewPrinces, Coricelli acquired Deoleo, CVC, Alchemy.
- Sector: Consumer, Industrials.
- Geography: Italy, Spain.
Analysis
The competitive arena for acquiring a significant stake in Deoleo, a prominent Spanish olive oil producer, has intensified with the entry of Italian industrial heavyweight NewPrinces. This move positions NewPrinces directly against fellow Italian contender Coricelli, signaling a robust bidding process for the well-known food company, which boasts brands such as Carbonell and Bertolli.
Sources close to the transaction indicate that both NewPrinces and Coricelli have successfully navigated to the second phase of the sale, managed by private equity firms CVC and Alchemy. This advanced stage involves the submission of preliminary offers, with a rigorous due diligence period set to commence in the coming weeks. The final, binding bids are anticipated by July 31st, marking a critical juncture for the future ownership of Deoleo.
Deoleo, currently valued at approximately €144 million, has demonstrated a notable financial turnaround. The company reported an EBITDA of €50 million in 2025, a substantial 50% increase year-over-year, driven by enhanced sales volumes. Looking ahead, Deoleo aims to elevate its EBITDA to €74 million by 2028 under its strategic plan. Net profit for 2025 neared €20 million, underscoring the company's operational improvements.
The financial health of Deoleo has also seen significant restructuring. Following a 2020 recapitalization, its net debt has been reduced to €86 million, a stark contrast to its pre-restructuring figure exceeding €550 million. This refinancing effort saw BlackRock emerge as the primary creditor, holding approximately 60% of the debt, with JPMorgan managing the remaining 40%.
NewPrinces, a publicly traded entity on the Milan Stock Exchange with a market capitalization nearing €700 million, brings substantial scale to the acquisition battle. In 2025, its proforma revenues reached an impressive €6.5 billion. Coricelli, a family-controlled entity, reported revenues close to €400 million last year, indicating a significant difference in scale but a shared focus on the olive oil sector.
The strategic importance of Deoleo within the global edible oils market, a sector experiencing steady growth driven by increasing consumer demand for healthy and premium food products, makes this acquisition highly sought after. The consolidation of key players like Deoleo could reshape market dynamics, particularly in the Mediterranean region and beyond. Financial advisory for the sale is being handled by William Blair, with PwC supporting the sellers in transaction preparation.