Cuatrecasas and O&C on Cernaval stake acquisition
Cuatrecasas has advised CVC DIF, the infrastructure division of private markets manager CVC, on the acquisition of a majority stake in Spanish shipyard Cernaval, which specializes in the repair, maintenance and conversion of merchant vessels. Ortego&Cameno Abogados acted for the counterparty.
Cernaval holds a long-term concession in the Port of Algeciras Bay, a maritime hub on the Strait of Gibraltar that sees more than 120,000 vessels transit each year. CVC DIF will work with the company’s management team to develop the business by modernizing the shipyard, expanding its capacity and strengthening its commercial and operational processes, says Cuatrecasas.
The investment plans also include new digitalization and energy efficiency measures. Through them, the investor aims to consolidate Cernaval’s position in the western Mediterranean, foster skilled employment and support the region’s maritime economy.
Cernaval serves shipowners and maritime operators from its Algeciras shipyard. The site has a 400-meter dry dock, a 230-meter floating dock, quays and workshops. This infrastructure allows the company to carry out routine maintenance as well as repairs on large vessels.
Advisers
The Cuatrecasas team was made up of partner Alfonso Reina, associate Álvaro Lucena, Ricardo Ramírez-Montesinos and Andrés Calvo-Sotelo from the Corporate practice; Enrique Carrera and Julene Areitio from Competition; and Alejandro Auset and Julio David Moreno from Public law.
On behalf of the sellers, Ortego and Carmeno, the transaction was handled by partner Luis Ortego Castañeda and head of Corporate M&A Manuel Sánchez Huerta.
